Massive US banks are now declining according to new data from the Federal Deposit Insurance Corporation (FDIC).
The latest report states that another 1,376 US bank branches shuttered in just the past 12 months.
This takes total US bank branches to just below 78,000, the lowest number since the 1980s.
78,000 branches to serve a US population of 332 million equates to branch density of 23.5 branches per 100,000 people.
The comparable figure in the UK is about one-third of the US figure, reports RetailBanker.
Total UK bank branches are down to around 5,000. With a population of 66 million, the UK branch density is about 7.6 branches per 100,000 people.
The figure is even lower in a number of European countries such as the Netherlands, 5.5 and Finland 6.2 compared to the US.
Bank branches worldwide have shuttered and now hit an all-time low.
“The total US branch network of FDIC-insured institutions reduced to 77,796 at the end of June.
The comparable figure a year earlier was 79,192. US bank branch numbers peaked in 2009 at 99,550.
The number has fallen each year from 2009 and since then total US bank branches are down by 21%.”
Chase remains the largest US bank by branches.
The Chase branch network actually increased by a net 57 units y-o-y to 4,876 at the end of June.
This still represents a drop from 2013, when the Chase branch network hit a high of 5,697 outlets.
While JPMorgan has ultimately closed more Chase-branded branches than it has opened over the last decade, it has closed branches at a much slower rate than the likes of Bank of America and Wells Fargo.
Also Read: The US Treasury Direct is Now Freezing Customer Accounts
Other Banking News Today
Massive bank branches in California now unexpectedly close for 2024 according to fresh data from the Office of the Comptroller of the Currency (OCC).
“Nine additional major California bank branches are collectively scheduled to permanently shutter in 2024, as listed with the most recently updated Office of the Comptroller of the Currency (OCC) Bulletin (for the week ending November 11th),” reports Joel Eisenberg.
However, it should be noted that in the United States major banks cannot close branches until the passing of a minimum of three months following their initial OCC bulletin listing.
So far, no specific dates of the branch closures have yet been announced for any of the banks listed below.
More California bank branches are expected to close following the growing trend and rise of online banking.
Further closures are expected to appear in the next OCC bulletin.
Below are the bank branches in California closing for 2024:
- Chase. 14111 Riverside Dr, Sherman Oaks.
- Chase. 707 Broadway, STE 100, San Diego.
- Chase. 1720 Fulton St, San Francisco.
- Chase. 12555 Valley View St, Garden Grove.
- 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.
According to Kiplinger, Chase closed 144 branches last year while the entire industry saw more than 3,000 bank branches close down.
The-Sun reports that “many communities will be left in a “banking desert,” which means they lack access to a bank or credit union within 10 miles.
Online banking has been the primary reason as to why more and more traditional bank branches have increasingly closed down this year.
Also Read: A US Bank is Now Denying Customers Access to Money
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