An Unexpected Round of Bank Closures Now Hits Florida

An unexpected round of bank closures now hits Florida as institutions file new warnings with the Office of the Comptroller of the Currency.

The state of Florida has now officially received more filings advising of twelve additional bank locations to close.

Some of the biggest banks to advise of branch closures in Florida include Wells Fargo and Bank of America.

Below is a list of the 12 bank branches closing in Florida this year:

  • Wells Fargo. 14731 Biscayne Blvd, North Miami
  • PNC Bank. 12000 West Forest Hill Blvd, Wellington
  • Wells Fargo. 4285 U.S. 1 Hwy South St, Augustine
  • Bank of America. 50 North Laura St, Jacksonville
  • Bank of America. 21060 Saint Andrew Blvd, Boca Raton
  • Bank of America. 19645 Biscayne Blvd, Aventura
  • First American. 2301 Maitland Center Parkway, Maitland
  • Fifth Third Bank. 10417 Gibsonton Dr, Riverview
  • TD Bank. 2675 West State Rd 434, Longwood
  • TD Bank. 3325 West Hillsboro Blvd Deerfield Beach
  • Bank of America. 459 Brandon Town Center, Brandon
  • Bank of America. 10300 Southside Blvd, Jacksonville

According to data from the Office of the Comptroller of the Currency (OCC), banks filed notices to close a total of 1,566 branches last year.

Despite all the closures, the OCC stated, “The OCC understands the importance of bank branches and is committed to supporting access to banking services in all communities.”

Despite the push to digital banking, many customers prefer to do their banking in a physical location, especially the older generation.

There is a fear that the continuation of closing bank branches may lead to what’s known as ‘banking deserts’ — where smaller cities might have to travel further for their banking needs — and adversely impact communities.

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

Other Banking News Today

Market News Today - An Unexpected Round of Bank Closures Now Hits Florida.
Market News Today – An Unexpected Round of Bank Closures Now Hits Florida.

This massive bank is now cutting 286 jobs which will take effect before May 3rd according to the latest WARN filings.

The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a tech unit, according to WARN notices.

Citi is laying off 286 New York City-based employees, according to three notices the bank filed Tuesday with the state’s Department of Labor.

Citi said in January that it plans to shed a whopping 20,000 positions by 2026 as it continues its largest overhaul in a decade and a half.

The reorganization, announced in September, began with the bank clearing away what it saw as unnecessary layers of management — regional CFOs, chiefs of staff, co-heads, chief administrative officers and employees with overlapping responsibilities, for example.

The headcount trim has been rumored to reach 10% in some major units and has come in several waves, with the last long slated to be announced next month, reports Banking Dive.

“The three tech layoffs are a bit of an anomaly,” says the outlet.

Citi cut a whopping 2,000 positions altogether during last year’s third quarter, but those numbers were offset by tech hires, CFO Mark Mason said.

At the same time, the bank has exited businesses it has deemed ‘non-core’, such as municipal bonds and, according to some reports, distressed debt.

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Also Read: A Massive US Bank is Now Closing Credit Cards

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Market News Today - An Unexpected Round of Bank Closures Now Hits Florida.
Market News Today – An Unexpected Round of Bank Closures Now Hits Florida.

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