A New List of Massive Bank Closures Now Hits California
A new list of massive bank closures now hits California according to fresh data from the Office of the Comptroller of the Currency (OCC).
This week, another two bank branches in California have been listed to close.
California currently has one of the biggest list of bank closures in the nation.
Below is the most recently updated list of bank closures in California:
- Sterling Bank. 1900 Fillmore St, San Francisco
- Bank of America. 40 West Foothill Blvd, Upland
- US Bank. 1309 North Chester Ave, Bakersfield
- Wells Fargo. 5377 West Centinela Ave, Los Angeles
- Wells Fargo. 535 South Myrtle Ave, Monrovia
- Wells Fargo. 1705 N First St, San Jose
- Wells Fargo. 3550 Wilshire Blvd, Los Angeles
- Bank of America. 90 Pier Ave, Hermosa Beach
- Bank of America.300 Lakeside Dr, Oakland
- JP Morgan. 25882 MC Bean Pkwy, Valencia
- Bank of America. 29687 The Old Rd, Castaic
- JP Morgan. 140 West Anaheim St, Wilmington
- Wells Fargo. 303 2nd St, San Francisco
- Wells Fargo. Hores Parkway, Redwood City
- Wells Fargo. 305 W. Sepulveda Blvd, Torrance
- Wells Fargo. 7950 West Sunset Blvd, Los Angeles
- BMO Bank. 6055 East Washington Blvd, City of Commerce
- 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 Sy, Garden Grove
Across California, 282 bank branches have closed this year, the second-highest number this century, aside from 2020, reports Ash Jurberg.
“We are concerned about the closures, especially in communities of color and lower-income communities because of how that affects lending. If you’re going to get a small business loan or a home loan, you’re likely going to need to go into a branch,” says Paulina Gonzalez-Brito, CEO of Rise Economy.
Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
A massive bank with 2,500 locations is now closing a major branch in Strasburg, Pennsylvania today.
PNC customers will still be able to access an ATM to make withdrawals and deposits at the location.
PNC said the bank’s assets will revert to a nearby location.
In previous comments to The U.S. Sun, PNC said it is trying to “strike a balance with its brick-and-mortar footprint,” reports The-Sun.
“PNC recognizes that branches play a key role in how we provide solutions to our clients, alongside our other channels,” the bank said.
“That’s why we continually study customer and prospect transaction patterns to determine how we can most effectively meet the needs of our communities.”
PNC said that despite the narrative around advanced bank closures, the company continues to expand its footprint.
“As a result of this work, we have grown our PNC branch footprint over the past five years – by building out new branches and through acquisitions – while total industry branches have declined,” the bank said.
“At the same time, we also make decisions to close branches as customer needs evolve.”
In March, the bank filed paperwork to shutter 47 locations, according to Best Life.
The bank closed 11 branches in Virginia and seven in Texas.
Bank branches have shuttered at a record pace this year, according to Kiplinger.
The publication found that banks shut down 3,000 branches throughout the US this year.
Banks have only opened 1,000 new locations.
The rise of online banking has been the primary reason why brick and mortar banks have been shuttering in the past years.
The-Sun reports that a study found that closures may have disparate impacts on minority-majority communities.
Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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Most of these closures are due to downsizing because the bank branches aren’t doing enough retail business to justify the expense of keeping them open. A friend is a manager of a B-of-A branch and he says they are closing branches and removing free-standing ATM’s because more and more consumers use online banking and mobile apps. He said: “Why pay rent, a staff of people and other expenses for a branch that hardly anyone comes into anymore? And the customers who do use the bank are mostly over 60 or 70 and will be dying off soon anyway.” If all of these banks were closing due to insolvency, that would be worrisome. This is just a (hate to use the term) “right-sizing”.
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