Massive banks in Texas now announce closures for 2024 according to fresh data from the Office of the Comptroller of the Currency (OCC).
According to the OCC’s current weekly bulletin listing, the following Texas bank branches are permanently closing in 2024:
Wells Fargo 11152 S. Gessner Drive, Houston.
Bank of America 2601 Preston Road, Frisco; 13350 Dallas Pkwy, Dallas.
Capital One 2301 E. Riverside Drive, Austin; 2910 S. Lakeline Blvd., Cedar Park.
“No specific dates of closure have yet been listed, and it should be noted more Texas branch closures are expected to be announced in upcoming OCC bulletins,” reports Joel Eisenberg.
“The popularity of digital banking, inclusive of electronic payments and direct deposits, continues to be widely acknowledged by industry analysts as the primary factor in this regard.”
Wells Fargo CEO Charlie Scharf recently rose attention during the company’s earnings call stating: “This company is not efficient – like, period. End of story.
Even with all of the reductions that we’ve made, it’s not surprising because as you peel the onion back, other things present themselves.”
Banks have stated that job cuts have also played an important role to weather strong recession conditions in 2024.
But Texas is not the only state facing mass bank closures.
Wells Fargo revealed last Friday that several branches would be closing in Arizona, Georgia, Iowa, Florida, Texas, and Alabama.
California also continues to be heavily affected, with both large and regional bank branches permanently shuttering this year.
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.
Other Economy News Today
Over 100K Californians have now moved to Texas in just a year according to the latest data from the U.S. Census Bureau.
The report shows that approximately 102,000 California residents moved to Texas in 2022.
Overall, more than 343,000 people left California last year for other states.
Of those leaving California, 74,000 also moved to Arizona, 50,000 to Florida, and 48,000 to Nevada.
California currently holds the record for the highest number of state departures in the entire country.
Experts have weighed in stating that Californians are moving out of the state primarily due to the increasingly high costs of living.
“We are losing younger folks, and I think we will see people continuing to migrate where housing costs are lower.
There are good jobs in California, but housing is incredibly expensive. It hurts young families, and it hurts immigrant families.” Manuel Pastor, a professor of sociology and American Studies & Ethnicity at USC.
2023’s data per the U.S. Census Bureau won’t be available until next year.
“The second-largest state-to-state movement in the U.S., from New York to Florida was around 92,000 movers, according to the migration figures from the U.S. Census Bureau,” reports Fortune.
“Overall, more people living in one U.S. state moved to a different state last year in the second year of the COVID-19 pandemic than they did in the previous year, though international migration was the primary driver of growth last year.
In 2022, more than 8.2 million U.S. residents lived in a different state than they had in the previous year, compared to 7.8 million U.S. residents in 2021.”
A recent poll showed four in ten Californians are considering moving out of state, with the majority saying it’s too expensive to live there.
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