Chase has now closed the most branches with more scheduled to shutter by the end of the year.
Thousands of banks have shut down in the US last year, but one has stood apart from the pack with the most closures, says The-Sun.
“Banks are closing branches faster than they’re opening new ones.
U.S. banks closed over 3,000 branches last year while opening just 1,000.
JPMorgan Chase led in branch closures last year, shuttering 144 branches, while opening 133.
The trend will likely continue as banks face staunch competition for deposits and younger customers from online banks, fintech firms and Big Tech,” reports Kiplinger.
Between 2017 and 2021, more than 7,000 branches were closed in the U.S., which represents 9% of all locations.
One-third of these closures have been in areas with large minority populations.
“The initial wave of closures was sparked by mergers and acquisitions in the wake of the 2008 financial crisis.
More recently, changing consumer preferences and improved banking tech are the reasons given for ditching brick-and-mortar locations.
It shows that big-bank investment in tech is paying off, as new apps and websites with an expanding array of services have lured more customers.”
Although Chase is leading bank closures, the bank has stated that it plans to open new branches as well.
A spokesperson for the company told The U.S. Sun that the bank has made “significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states.”
Below is a list of bank branches Chase will be closing this year.
Also Read: More US Banks Are Now Freezing and Closing Accounts
Here Are The Bank Branches JPMorgan Chase Is Now Closing
Each week, the Office of the Comptroller of the Currency (OCC) releases a bulletin of banks set to close, and the list continues to grow.
Banking giant JP Morgan announced that it will be closing the following two branch locations in Indianapolis:
- JP Morgan. 7001 Madison Ave, Indianapolis
- JP Morgan. 8120 South Meridian St, Indianapolis
CNBC reports: “,The consolidation of bank branches is also creating “banking deserts,” when communities are without access to a bank or credit union within 10 miles.
Earlier this month it was reported that four more bank branches in Washington State will close this year, with two being JPMorgan Chase locations:
- JP Morgan. 6916 19th St W University Place
- JP Morgan. 5464 Sand Point Way NE, Seattle
This is the current list of bank closures happening in Pennsylvania over the next three months.
- JP Morgan. SWC of W Trenton Ave and Plaza Blvd, Morrisville
Below is the list of more JPMorgan Chase branches closing in California this year.
- JP Morgan. 14111 Riverside Dr, Sherman Oaks
- JP Morgan. 707 Broadway Ste 100, San Diego
- JP Morgan. 1720 Fulton St, San Francisco
- JP Morgan. 12555 Valley View St, Garden Gr
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Also Read: Banks Are Now Closing Thousands of Accounts Daily
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