- READ MORE:US banks including Wells Fargo closed 33 branches in two weeks
By Alice Wright For Dailymail.Com
Published: | Updated:
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20 View commentsUS banks closed nine locations across the country in just one week.
The closures included branches of major banks such as Bank of America, Chase and Santander.
The rest were closed by BMO, Hawaii National Bank, Nicolet and Valley.Scroll down for the full list with addresses.
The closures, which spanned from Hawaii to New Jersey, were confirmed to the federal regulator between July 29 and August 4.
The Office of the Comptroller of the Currency (OCC) monitors branch closures and openings and publishes them in a weekly bulletin.
Santander was among the large banks that closed locations
JP Morgan Chase also shuttered some of its branches
Major banks are increasingly moving away from expensive brick-and-mortar branches in favor of online services.
'The majority of Americans, from Gen Z to boomers, are in less need of a traditional bank, which may explain the rising number of physical branches that have been closing over the past year'Andrew Murray, lead data researcher at GOBankingRates told DailyMail.com.
A recent survey by GOBankingRates found that even seniors prefer online banking to in-branch services.
Overall 78 percent of Americans prefer using mobile and online banking and almost one in four did not visit their bank in the past year.
'It's likely that overhead costs (rent, maintenance, supplies and staff salaries) are a large factor especially given that our survey shows how infrequently people visit brick and mortar banks,' Murray said.
Indeed closures can lead to significant savings since the average freestanding bank branch costs around $2.6 million a year to run.
US banks closed 539 branches in the first six months of the year
US banks shut 539 branches in just the first half of the year, research by DailyMail.com shows.
The worst hit state was Californiawhich saw 72 closures.New York was second with 51 closures, followed byPennsylvaniaat 40.
'Over the last several years, we have rightsized our branch network, and we may continue to combine two older existing branches into one better situated location' Wells Fargo told DailyMail.com.
'Doing so does not take away the importance of our customers and the communities we serve.'
US bank also highlighted clients' migration towards online banking and 'desire for greater simplicity' as reasons for their mass closures.
'As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets,' the bank said in a statement.
| Bank | City | State | Location |
|---|---|---|---|
| Bank of America | WASHINGTON | DC | 55 M STREET S.E. |
| BMO Bank | CHICAGO | IL | 5493 SOUTH CORNELL AVENUE |
| Hawaii NB | HONOLULU | HI | 540 LAGOON DRIVE |
| JPMorgan Chase | BURLINGTON | KY | 1750 WILDCAT BOULEVARD S |
| JPMorgan Chase | GRANVILLE | OH | 136 EAST BROADWAY |
| Nicolet NB | WAUSAU | WI | 210 N. 17th AVENUE |
| Nicolet NB | WAUSAU | WI | 2100 STEWART AVENUE, SUITE 100 |
| Santander Bank | HAVERHILL | MA | 400 LOWELL AVENUE, WESTGATE PLAZA |
| Valley NB | LANDING | NJ | 115 CENTER STREET |
ALL THE US BRANCH CLOSURES ANNOUNCED IN 2024
Click on the links below - each article has the full list of closures for that time period
In January and February,banks closed 222 branches
US Bank filed to shut 19 branches betweenFebruary 25 and 9
Wells Fargo filed to close eight branches between March 10 and 16
PNC, Citibank, Bank of America and Wells Fargo behind 20 branch closuresbetween March 17 and 23
US banks had more openings than closures over a week (March 24 to March 30) for the first time in 2024
US Bank closes ten branches while Bank of America shuts three in the week from March 31 to April 6
TD Bank, Wells Fargo, Bank of America and Chase shut a total of 36 branches between April 7 and 13
Bank of America, PNC, Citizens and Chase behind latest branch closures from April 14 to 20
Wells Fargo, Chase and Bank of America among US banks to shutter 79 branchesbetweenApril 20 and June 1
Bank of America, Chase and Woodforest among banks to close 51 branches betweenJune 2 to June 23
Wells Fargo closes eight branches in just ONE week:June 24 to June 30
US Bank closes seven branches in just one week:July 1 - July 8
Multiple banks including Wells Fargo close 30 branchesJuly 7 - 13
US banks including Wells Fargo closed 33 branches in two weeksJuly 14 - 28
The ChaseNew Jersey
