New Closures by Major U.S. Banks

According to Lagradaonline, As October nears its end, the trend of bank branch closures shows no signs of slowing down, with 35 locations shut down in just one week. This wave of closures reflects ongoing changes in consumer banking preferences and behaviors, particularly the shift towards digital and mobile banking platforms.

Leading Banks in Closures

Among the banks involved in this recent round of closures, U.S. Bank had the highest number, shutting down 11 locations between October 15 and 22. Other notable closures included:

• Wells Fargo and Bank of America, each closing six branches
• PNC Bank, which closed five branches
• Additional closures involved Beverly Bank, Citizens Bank, Fidelity Bank, First National Bank of Omaha, Flagstar Bank, and JPMorgan Chase Bank.

California Hit Hardest

The state most affected by these downsizing efforts was California, which lost nine branches during this week alone. This adds to the 86 branch closures already reported in the state between January and the end of September.

Corporate Reflections on Branch Closures

A spokesperson for U.S. Bank shared insights on the closures, stating, “Clients’ banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms and a desire for greater simplicity. As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets. Although we are closing some branches, we continue to open and enhance others, as well as rapidly enhancing our digital capabilities.”

Customer Concerns

Despite the reasoning provided by banking officials, many customers remain dissatisfied with the branch closures. Older citizens, in particular, often find it challenging to navigate online banking apps, and some transactions still require in-person assistance from bank employees.

A poll conducted by Self Financial found that 39% of respondents expressed greater trust in banks with physical branches compared to those without. Additionally, nearly two-thirds of Americans still utilize physical branches for cash deposits, and over half prefer in-person conversations with advisors.

Also read: Unveiling the Haunting History: Bay Area Hotels Named ‘America’s Most Haunted

Summary of Recent Bank Branch Closures (October 15 – 22)

Here is a list of bank branch closures that occurred during this week:

As the trend of branch closures continues, banks must navigate the balance between digital expansion and customer needs for physical access.