Major national banks close 41 locations in just two weeks – is YOUR local branch affected?
Major banks have closed 41 branches in just two weeks as more people switch to online banking.
Major banks such as Bank of America, Chase and Wells Fargo were among the locations that closed their doors.
US Bank customers were hit the hardest: between August 4 and August 18, the bank closed 13 local brick-and-mortar branches.
Wells Fargo closed seven, while Chase, Citizens Bank and Bank of America each closed four. Scroll down for the full list of addresses.
The rest were closed by banks such as First National Bank, PNC, SouthState Bank and Huntingdon.
Bank of America closed four of its branches in two weeks in August
The closures, which stretched from Florida to Missouri, were reported to the Office of the Comptroller of the Currency (OCC), which oversees branch closures and openings and publishes them in a weekly bulletin.
Major banks are increasingly moving away from expensive physical offices and instead opting for online services.
“The majority of Americans, from Gen Z to Baby Boomers, have less need for a traditional bank, which may explain the rising number of brick-and-mortar branches that have closed in the past year,” Andrew Murray, chief data scientist at GOBankingRates, told DailyMail.com.
A recent research by GOBankingRates found that even seniors prefer online banking over banking in a physical branch.
In total, 78 percent of Americans prefer mobile and online banking, and nearly one in four have not visited their bank in the past year.
“It’s likely that overhead costs (rent, maintenance, supplies and staff salaries) are a big factor, especially since our research shows how few people visit a physical bank,” Murray said.
Closures can indeed lead to significant savings, as the average cost of operating a freestanding bank branch is approximately $2.6 million per year.
Research by DailyMail.com found that US banks closed 539 branches in the first half of the year alone.
The hardest hit state was California, in which 72 businesses were closed. New York ranked second with 51 closures, followed by Pennsylvania with 40.
| Bank | City | Stands | Location |
|---|---|---|---|
| Bank of America | DERWOOD | MD | 17501 REDLANDWEG |
| Bank of America | BRISTOW | VA | 12881 BRAEMAR VILLAGE SQUARE |
| Bank of America | HILLCREST HEIGHTS | MD | 3731 BRANCHLAVENUE |
| Bank of America | BROOKFIELD | CT | 100 FEDERAL ROAD |
| Bank of Hillsboro | ALTAMONT | IL | 5 WEST LINCOLN |
| Citizens’ Bank | BROCKTON | MA | 932 N. MONTELLOSTRAAT. |
| Citizens’ Bank | WORCESTER | MA | 541A LINCOLN REGION. |
| Citizens’ Bank | RAYNHAM | MA | 36 NEW CAPE HIGHWAY |
| Citizens’ Bank | SHREWSBURY | MA | 539 BOSTON TPK. |
| Fifth Third Bank | INDIANPOLY | IN | 5930 W. 86th Street |
| Nice brand | PALMBEACH | FLEMISH | 340 ROYAL PALMWAY |
| First National Bank & Trust | MOBILE | ALL | 5905 Airport Blvd |
| FSNB | DOORRAM | MADAM | 131 Handley Blvd. |
| Huntington | SAGINAW | MI | 101 N. Washington Ave |
| JPMorgan Chase Bank | AUSTIN | TX | 7600 BURNETT ROAD |
| JPMorgan Chase Bank | SAN ANTONIO | TX | 5801 BABCOCKWEG |
| JPMorgan Chase Bank | SEAT | WA | 3820 RAINIER AVE S, STE A |
| JPMorgan Chase Bank | FLINT | MI | G-3402 VLISSINGENWEG |
| PNC bank | ROZENVILLE | MN | 2350 Fairview Ave N |
| PNC bank | WINTERSVILLE | OH | Main Street 600 |
| South State Bank | TAMPA | FLEMISH | 1150 Mounting drive |
| American bank | IDAHO FALLS | identity card | 330 WINKELAVENUE |
| American bank | HAGERSTOWN | IN | MAIN STREET |
| American bank | Port Clinton | OH | 142 EAST SECOND STREET |
| American bank | FLEMINGSBURG | KY | KENTUCKY HWY. 32 & FLEMINGSBURG DETOUR |
| American bank | SHERWOOD | AR | 4199 EAST KIEHL AVENUE |
| American bank | GRASS | CA | 269 MAIN STREET |
| American bank | JOPLIN | MORE | FOURTH AND MAIN STREET |
| American bank | WILLOWS | CA | 221 WEST SYCAMORE |
| American bank | SEDRO | WA | 218 WOODWORTHSTRAAT |
| American bank | ST. LOUIS COUNTY | MORE | 11100 LARIMORE ROAD |
| American bank | HEBER SOURCES | AR | 821 WEST MAIN STREET |
| American bank | ALTON | IL | 1520 WASHINGTON AVENUE |
| American bank | TOMPKINSVILLE | KY | 701 NORTH MAIN STREET |
| Wells Fargo Bank | GREENVILLE | SC | 15 SOUTH MAIN STREET |
| Wells Fargo Bank | COLLEGEVILLE | PA | 222 EAST MAIN STREET |
| Wells Fargo Bank | NORTH CHESTERFIELD | VA | 9601 AMBERDALE DRIVE |
| Wells Fargo Bank | MAITLAND | FLEMISH | 301 SOUTH ORLANDO AVENUE |
| Wells Fargo Bank | To follow | TX | 101 EAST NOLTE |
| Wells Fargo Bank | FRESNO | CA | 2450 N BRAWLEY AVENUE |
| Wells Fargo Bank | SHERMAN OAK | CA | 14059 VENTURA B0ULEVARD |
PNC was among the national banks that closed branches
Chase is among the banks closing the most branches in 2024
US banks closed 539 branches in the first six months of the year
“Over the past few years, we have been adjusting our branch network and it is possible that we may continue to consolidate two older, existing branches into one better located location,” Wells Fargo told DailyMail.com.
“That does not detract from the importance of our customers and the communities we serve.”
The US bank also cited customers’ shift to online banking and a “desire for greater simplicity” as reasons for the mass closures.
“As we evolve with our customers, we are re-evaluating our physical presence and, in some cases, consolidating branches in certain markets,” the bank said in a statement earlier this year.