Dozens of Massive US Bank Branches Are Now Closing
Dozens of massive US bank branches are now closing according to the latest data provided by the Office of the Comptroller of the Currency.
In October, major American banks closed 35 branches across the country in just one week.
US Bank led the charge, shutting down 11 locations between October 15 and 22.
Wells Fargo and Bank of America each closed six branches, while PNC shut down five.
Additional closures came from Beverly Bank, Citizens Bank, Fidelity Bank, First National Bank of Omaha, Flagstar, and Chase.
A full searchable list with addresses is available below.
California was the most affected state, losing nine branches that week.
Over the first nine months of the year, the state experienced a total of 86 branch closures.
According to data from the Office of the Comptroller of the Currency (OCC), banks are projected to close around 1,000 branches by the end of the year.
US Bank has already shut down a total of 121 locations this year, making it the second highest in closures among major banks.
A US Bank representative explained to DailyMail that changing client preferences are driving this trend, with more customers opting for digital and mobile banking.
As a result, banks are reassessing their physical presence and consolidating branches in certain markets.
The spokesperson added that while some branches are closing, others are being opened and improved, along with a swift enhancement of digital services.
Despite the shift to online banking, many customers still prefer using physical branches for specific services.
Older clients, in particular, may find mobile banking challenging.
A survey revealed that nearly two-thirds of Americans still visit branches for cash deposits, and over half prefer in-person consultations with advisers.
Additionally, 39% of respondents indicated they trust banks with physical branches more than those without.
Branch closures can lead to substantial cost savings for banks, as the average standalone branch costs about $2.6 million annually to operate.
Banks are required to report all planned openings and closures to the OCC, which oversees federal banking regulations.
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Also Read: Another Massive U.S. Bank Has Now Collapsed
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