More massive bank branches in Florida are now closing as more advisories of closures are listed by the OCC.
The following six bank branches are now scheduled to shutter in Florida in the coming weeks:
- Trustco Bank. 1084 Lee Rd, Orlando
- Bank of America. 126 East Olympia Ave, Punta Gorda
- Wells Fargo. 3131 West Hallandale Beach Blvd, Hallandale
- Wells Fargo. 10191 Cleary Blvd, Plantation
- Wells Fargo. 113 South Tennessee Ave, Lakeland
- Wells Fargo. 4901 Tamiami Trail, South Naples
Wells Fargo is also closing additional branches in California soon.
In July, Wells Fargo laid off over 100 employees in the consumer and small business banking division in Orlando.
“Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors. Florida had the fourth most closures of any state,” reports Ash Jurberg.
CNBC reports that this trend of bank closures may lead to “banking deserts”, where communities are left without access to a bank or credit union within 10 miles.
“Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
This trend has grown nationwide as traditional banks pivot towards an ever growing digital world.
“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – and firms are pulling out of some areas faster than others,” reports the DailyMail.
“Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches,” Saul Van Beurden, the bank’s CEO of consumer, small and business banking, said in a statement.
Other Banking News Today
Bank branches in Texas now declare unexpected closures for 2024 according to fresh data from the Office of the Comptroller of the Currency (OCC).
Per the OCC, the additional two Texas-based Wells Fargo Bank branches are scheduled to permanently close in 2024:
- 201. E. Pipeline Road, Hurst
- 3570 Southwest Military Drive, San Antonio
On October 30th I reported the following bank branches are also scheduled to permanently close next year:
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.”
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 month 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 alone.
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.
And according to experts, this trend is only expected to continue growing in the coming years.
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