American banks shutter 41 locations in a single week
![Over the course of just one week, American banks said they would close 41 branches around the country. Bank of America, Chase, Capital One, US Bank and PNC are among those axing costly brick-and-mortar locations - as the industry increasingly offers services online. PNC said in a filing to its regulator it would close ten branches across six states, including Georgia, Maryland , Michigan , Pennsylvania , Texas and Wisconsin.](https://i.dailymail.co.uk/1s/2024/01/30/20/80643555-13025165-Over_the_course_of_just_one_week_American_banks_said_they_would_-a-196_1706648147674.jpg)
Over the course of just one week, American banks said they would close 41 branches around the country. Bank of America, Chase, Capital One, US Bank and PNC are among those axing costly brick-and-mortar locations - as the industry increasingly offers services online. PNC said in a filing to its regulator it would close ten branches across six states, including Georgia, Maryland , Michigan , Pennsylvania , Texas and Wisconsin.
![Meanwhile, in the week starting January 15, US Bank said it would shut nine branches and Bank of America would shut eight. First National Bank of Pennsylvania and Huntington each notified the Office of the Comptroller of the Currency (OCC) that it would close four. Capital One, which also said it would shut four branches the week prior, notified the regulator of another two scheduled closures, both in Virginia.](https://i.dailymail.co.uk/1s/2024/01/30/20/80601635-13025165-Meanwhile_in_the_week_starting_January_15_US_Bank_said_it_would_-a-188_1706648147435.jpg)
Meanwhile, in the week starting January 15, US Bank said it would shut nine branches and Bank of America would shut eight. First National Bank of Pennsylvania and Huntington each notified the Office of the Comptroller of the Currency (OCC) that it would close four. Capital One, which also said it would shut four branches the week prior, notified the regulator of another two scheduled closures, both in Virginia.
![A handful of other banks said they would close branches. Fifth Third, Chase, KeyBank and Woodforest also announced closures that week. However, some of the same banks also filed to close branches also sought to establish new ones. Huntington, Fifth Third, US Bank, Bank of America and Woodforest each filed to open one location.](https://i.dailymail.co.uk/1s/2024/01/30/20/80646351-13025165-A_handful_of_other_banks_said_they_would_close_branches_Fifth_Th-a-194_1706648147585.jpg)
A handful of other banks said they would close branches. Fifth Third, Chase, KeyBank and Woodforest also announced closures that week. However, some of the same banks also filed to close branches also sought to establish new ones. Huntington, Fifth Third, US Bank, Bank of America and Woodforest each filed to open one location.
![During the week Chase continued its trend of opening more branches than it closes by opening two in Ohio and Kentucky - meaning it had a net gain of one. In 2023, Chase closed 157 branches in total but opened 195. It was the country's only leading bank to enter 2024 with more brick-and-mortar locations than it had a year earlier.](https://i.dailymail.co.uk/1s/2024/01/30/20/80651457-13025165-During_the_week_Chase_continued_its_trend_of_opening_more_branch-a-189_1706648147435.jpg)
During the week Chase continued its trend of opening more branches than it closes by opening two in Ohio and Kentucky - meaning it had a net gain of one. In 2023, Chase closed 157 branches in total but opened 195. It was the country's only leading bank to enter 2024 with more brick-and-mortar locations than it had a year earlier.
![The number of bank branches in the US peaked at over 85,000 in around 2011. Over the last 10, years it has shrunk by approximately 13,000, according to a combination of data from the FDIC and the OCC.](https://i.dailymail.co.uk/1s/2024/01/30/20/80642867-13025165-The_number_of_bank_branches_in_the_US_peaked_at_over_85_000_in_a-a-193_1706648147579.jpg)
The number of bank branches in the US peaked at over 85,000 in around 2011. Over the last 10, years it has shrunk by approximately 13,000, according to a combination of data from the FDIC and the OCC.
![The Covid pandemic catalyzed the already-rapid uptake of online banking and although 2020 saw the sharpest decline in the number of branches, closures have continued.](https://i.dailymail.co.uk/1s/2024/01/30/20/80642879-13025165-The_Covid_pandemic_catalyzed_the_already_rapid_uptake_of_online_-a-197_1706648147676.jpg)
The Covid pandemic catalyzed the already-rapid uptake of online banking and although 2020 saw the sharpest decline in the number of branches, closures have continued.
!['The trend for the future is more consolidation of branch locations but branches are not going away,' Greg McBride, chief financial analyst for Bankrate.com, told DailyMail.com.](https://i.dailymail.co.uk/1s/2024/01/30/20/80651603-13025165-_The_trend_for_the_future_is_more_consolidation_of_branch_locati-a-190_1706648147436.jpg)
'The trend for the future is more consolidation of branch locations but branches are not going away,' Greg McBride, chief financial analyst for Bankrate.com, told DailyMail.com.
!['There are still going to be to bank operations, as a center for consultation or as a sales floor, but they are used less and less for routine transactions, which are increasingly done digitally,' he said.](https://i.dailymail.co.uk/1s/2024/01/30/20/80651733-13025165-_There_are_still_going_to_be_to_bank_operations_as_a_center_for_-a-191_1706648147436.jpg)
'There are still going to be to bank operations, as a center for consultation or as a sales floor, but they are used less and less for routine transactions, which are increasingly done digitally,' he said.
![According to a DailyMail.com analysis of OCC data, banks last year closed branches in California and the Midwest faster than anywhere else. Dozens filed notices to close a total of 1,566 branches. In contrast, they only notified the regulator of plans to open 472. Read the full story: https://www.dailymail.co.uk/yourmoney/banks/article-13024065/bank-america-chase-capital-one-pnc-closures.html?ito=msngallery](https://i.dailymail.co.uk/1s/2024/01/30/20/80651735-13025165-According_to_a_DailyMail_com_analysis_of_OCC_data_banks_last_yea-a-192_1706648147436.jpg)
According to a DailyMail.com analysis of OCC data, banks last year closed branches in California and the Midwest faster than anywhere else. Dozens filed notices to close a total of 1,566 branches. In contrast, they only notified the regulator of plans to open 472. Read the full story: https://www.dailymail.co.uk/yourmoney/banks/article-13024065/bank-america-chase-capital-one-pnc-closures.html?ito=msngallery
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