US Bank closes seven branches in just one week and Bank of America shutters six - is YOURS affected?
Banks last week announced they would shutter 15 branches across the US, continuing the trend of abandoning their bricks-and-mortar locations.
US Bank led the way with plans to close seven branches.
Bank of America will shut six of its locations and Chase a further two.
In the week July 1 to July 8, banks informed the Office of the Comptroller of the Currency (OCC) that a total of fifteen branches will be shuttered.
The closures were announced across Illinois, New Jersey, California and Wisconsin among other states. Scroll down for the full list with addresses.
![Bank of America filed to close six locations across the country in the first week of July](https://i.dailymail.co.uk/1s/2024/07/16/13/84239281-13615817-Bank_of_America_filed_to_close_six_locations_across_the_country_-a-1_1721134666106.jpg)
Bank of America filed to close six locations across the country in the first week of July
In the same period retail banks opened thirteen branches, meaning there was a net loss.
The trend of banks closing their in-person branches is set to continue as they commit more and more to online services.
National banks have closed more than 400 of their branches so far in 2024.
Each week, banks must tell the Office of the Comptroller of the Currency (OCC) of branches openings and closures.
The last year in which the number of branches in the US increased was 2011, when there were more than 85,000 throughout the US, according to FDIC data. Since then the number has dropped steadily to about 70,000.
Most national banks like US Bank, Bank of America and Wells Fargo have become increasingly confident that online banking can meet most customers' needs.
Closures can lead to significant savings. The average freestanding branch costs $2.6 million a year to run, according to Bancography, an Alabama-based consulting firm that advises banks.
Steven Reider, the founder and president of Bancography, previously told DailyMail.com that 'banks are willing to close a branch that isn't really overlapping any other branch on the gamble that customers are willing to drive a little bit further.'
'I think Bank of America has leaned into that more than the other large banks have,' he added.
Reider also noted that Bank of America's merger history has meant it ended up with branches in rural locations - yet the industry is undergoing 'a rural to urban conversion'.
'Every census since 1910 has shown a greater proportion of Americans living in in urban areas than the preceding census, so as we become an increasingly urbanized country the demand in these legacy rural markets just fades away,' he said.
Ultimately, banks are looking to consolidate the markets they are already in, and that involves placing more focus on dominating in a handful of cities.
![Chase filed to close two branches in the first week of July](https://i.dailymail.co.uk/1s/2024/07/09/15/85752623-13615817-JP_Morgan_Chase_led_the_charge_for_openings_filing_notice_for_th-a-10_1720534853560.jpg)
Chase filed to close two branches in the first week of July
For example, Chase is moving into Kansas City with force, Fifth Third is making similar moves into Charlotte and PNC is targeting Austin.
Though the number of bank branch closures started to ramp up through the 2010s, it was exacerbated by the pandemic, which kept people at home.
In 2023, more than 1,500 bank branches were shut for good, with California and the Midwest worst-hit.
See the boxes below for the latest closures and links to all weekly announcements this year.
Bank | City | State | Location |
---|---|---|---|
JPMorgan Chase | MITCHELLVILLE | MD | 10200 LAKE ARBOR WAY |
JPMorgan Chase | SAN YSIDRO | CA | 4319 CAMINO DE LA PLAZA |
Bank of America | ANNA | OH | 312 W Main Street |
Bank of America | CHICAGO | IL | 3033 NORTH PULASKI ROAD |
Bank of America | CARLYLE | IL | 12TH & MULLIKIN STS |
Bank of America | EDISON | NJ | 159 WOOD AVENUE |
Bank of America | HARTFORD | SD | 103 SOUTH MAIN STREET |
Bank of America | GALENA | IL | 953 GEAR ST |
U.S. Bank | KANSAS CITY | MO | 8750 BLUE RIDGE BOULEVARD EXTENSION |
U.S. Bank | MARSHFIELD | MO | 759 WEST JACKSON |
U.S. Bank | WASHINGTON | DC | 700 13th Street, N.W. |
U.S. Bank | CHICAGO | IL | 2639 NORTH MILWAUKEE AVENUE |
U.S. Bank | WAUTOMA | WI | 450 E Main Street |
U.S. Bank | LAS VEGAS | NV | 901 SOUTH RANCHO LANE, SUITE 1 |
U.S. Bank | TIPTON | IA | 102 E 5TH ST |
Bank | City | State | Location |
---|---|---|---|
JPMorgan Chase Bank | North Little Rock | AR | NWC of John F. Kennedy Boulevard (Hwy 107) and School Drive |
JPMorgan Chase Bank | Charlotte | NC | SWC of Fairview Road and Sharon Road (aka State Route 3600) |
JPMorgan Chase Bank | Mountain Brook | AL | NEC of Cahaba Road and Culver Road |
JPMorgan Chase Bank | Lincoln | NE | SEC of South 66th Street and E O Street (US 34) |
First NB of Pennsylvania | Durham | NC | 1050 Yunus Road |
First NB of Pennsylvania | Summerville | SC | 1307 N Main St |
First NB Texas | Gallup | NM | 1650 W. Maloney Ave |
JPMorgan Chase Bank | Annandale | VA | NWC of John Marr Drive and Tom Davis Drive |
JPMorgan Chase Bank | Falls Church | VA | NWC of Leesburg Pike (aka West Broad Street) & Haycock Road |
JPMorgan Chase Bank | Salt Lake City | UT | SWC of 2100 South and 900 East |
Pacific | Miami | FL | 13101 SW 89th Place, Suite 107 |
Fifth Third Bank | Parrish | FL | 11605 Moccasin Wallow Rd |
Bank of America | Oak Park Heights | MN | 5990 Nova Scotia Avenue North |