1000 US Bank Branches Have Now Shuttered This Year

October 5, 2023

More than 1000 bank branches have now shuttered this year according to fresh data from the S&P Global Market Intelligence.

“The majority of Americans are concerned about widespread bank branch closures – which are hitting lower-income households the hardest.

Growing numbers of people are being left without access to basic financial services, as big-name banks have axed more than 1,000 branches already this year,” reports DailyMail.

“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – with firms pulling out of some areas at a faster rate than others.“

Wells Fargo is now scheduled to close 100 branches this year according to records from the Office of the Comptroller of the Currency (OCC).

“While the total number of branches continues to decline, new branches are being opened in high growth neighborhoods of existing markets, allowing us to offer more branch convenience,” the bank said.

A survey by DailyMail has found that 51% of Americans are ‘very concerned’ or ‘somewhat concerned’ about the impact of “dwindling outlets”, which disproportionately affect poorer households.

According to the analysis by research agency Opinium, 10% of Americans with a household income less than $50,000 said they do not have a local bank branch.

Grace Miller, research manager at Opinium, said: “Despite the majority of Americans preferring digital payment methods over cash, recent bank closures across the United States are still causing concern.

Notably, the digital transition showcases disparities in accessibility, especially for Americans with lower household incomes.”

According to the latest data, PNC has been the worst offender, shuttering a total of 201 bank branches in just seven months.

U.S. Bank and Wells Fargo were close behind, having closed 185 and 160 branches respectively.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

A New Wave of Bank Closures is Hitting California

A new wave of bank closures is hitting California as early as this month with many more scheduled through November now.

In August, I reported a number of bank closures hitting California up to October.

However, today’s article will highlight additional banks closing in California this year.

This trend has only grown more in recent months and years as online banking surges in popularity.

Between Citibank, Wells Fargo, JPMorgan, and Bank of America, many banks have begun to close nationwide, but especially in California.

According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.

Below is a list of banks closing in California for the month of October.

Wells Fargo. 1565 East Highland, San Bernardino
JP Morgan. 1 Hacker Way, Menlo Park
Wells Fargo. 1071 El Camino Real, Redwood City
Wells Fargo. 42420 Washington Ave, Bermuda Dunes
Bank of America. 2925 Scott Blvrd, Santa Clara
Bank of America. 200 Cochrane Plaza, Morgan Hill
Bank of America. 1275 Fell St, San Francisco
Bank of America. 3491 McKee Rd, San Jose
Bank of America. 1400 Moraga Way, Moraga
Bank of America. 2049 Century Park East, Los Angeles
Wells Fargo. 303 N. El Dorado St, Stockton
City NB. 50 Freemont St, San Francisco
City NB. 800 Silverado St, La Jolla
City NB. 1800 Century Park East, Los Angeles
JP Morgan. 150 W. Foothill Blvd, Azusa
City NB. 1100 FLlynn Rd, Camarillo
JP Morgan. 23220 Hawthorne Blvd, Torrance
Wells Fargo. 116 Sunset Dr, San Ramon
Wells Fargo. 103 Eeast Stetson Ave, Hemet
Wells Fargo. 118 E. Carillo St, Santa Barbara

Also Read: A US Bank is Now Denying Customers Access to Money

California Bank Branches closing in November

The following banks are closing in California for the month of November.

Wells Fargo. 8405 North Fresno St, Suite 300, Fresno
Bank of America. 2708 Ming Ave, Bakersfield
Bank of America. 1440 Truxton Ave, Bakersfield
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
US Bank. 4947 Third St, San Francisco
Zion Bank. 700 West Camino El Real, Mountain View
Bank of America. 2134 Montebello Town Center, Montebello
Bank of America. 800 Irving St, San Francisco
Bank of America. 39168 Winchester Rd, Murrieta

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

You can also follow me on Twitter, Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰

Become a Sponsor for only $1/mo.

Gain access to EXCLUSIVE FrankNez articles you won’t find here.
Become part of a private and safe Discord community, just for retail investors.
Get drawn at the end of the year for holiday giveaways.

Become a Sponsor Today!