US banks close 79 branches in just over a month (2024)

  • JP Morgan, Bank of America and Wells Fargo shut the most
  • READ MORE: What do do if your local branch shuts
  • Scroll down to the box below for details of all branches shut this year

By Alice Wright For Dailymail.Com

Published: | Updated:

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US banks closed 79 branches in just six weeks - as the industry increasingly offers services online.

The figures suggest the axing of costly bricks-and-mortar locations will continue, with total closures so far for 2024 above 400.

California is worst affected by the recent closures with 20registered shutterings between April 20 and June 1.

JP Morgan led the charge shutting 18 branches under its Chase retail arm.Wells Fargo was next with 17, including eight in just the past week.

Bank of America filed to close sixteen locations in states across the country including California, FloridaandNew Jersey.

Read More Americans like Anita Kennedy - fed up with automated phone calls, shutting branches and poor interest rates - are moving to 'friendlier' credit unions

BankUnited, BMO Bank, Citizens Bank and Inwood NB were also among those who announced closures.

The closures, reported to federal regulator the Office of the Comptroller of the Currency (OCC), mean that customers in the area will need to either drive further to another branch or turn to online banking for the majority of services.

Each week, banks must tell the OCC of branches openings and closures. Banks said they would open 57 over the past six weekly reports. The openings and closures may then happen in coming weeks or months.

Banks have announced the closure of more than 400 branches so far in 2024 - see the boxes below for the latest ones and links to all the others this year.

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 while 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.

Wells Fargo shut seventeen locations over the last six weeks, announcing eight of the closures in the last week of filings, May 27 to June 1

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.

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.

Bank Closures (April 21 - June 1)
Bank City State Location
Bank of America PRINCETON NJ 90 NASSAU STREET
Bank of America LOS ANGELES CA 8655 BEVERLY BLVD.
Bank of America NASHVILLE TN 414 UNION STREET
Bank of America WEST PALM BEACH FL 1827 NORTH MILITARY TRAIL
Bank of America SACRAMENTO CA 1515 BROADWAY
Bank of America Austin TX 1000 East 41st Street
Bank of America WOODBRIDGE VA 1708 OLD BRIDGE ROAD
Bank of America PONTIAC MI 41 N. SAGINAW STREET
Bank of America ARLINGTON TX 2000 EAST LAMAR, SUITE 100
Bank of America PHILADELPHIA PA 6425 RISING SUN AVENUE
Bank of America MEDFORD MA 684 Fellsway
Bank of America SAN RAMON CA 450 MONTGOMERY STREET
Bank of America OAKLAND CA 4054 MACARTHUR BLVD.
Bank of America Naples FL 375 Fifth Avenue South
Bank of America LINTHICUM MD 201 BENTON AVENUE
BankUnited DEERFIELD BEACH FL 2201 W. HILLSBORO BLVD
BMO Bank Beverly Hills CA 9593 Wilshire Blvd
Citizens Bank NEW YORK NY 112 9TH AVENUE
Fifth Third Bank Jeffersonville IN 2932 East 10th Street
Fifth Third Bank Clarksville IN 600 E Lewis and Clark Pkwy
Fifth Third Bank Nashville TN 2814 West End Avenue
First NB Texas MONTEBELLO CA 866 NORTH WILCOX AVENUE
Hawaii CHICAGO IL 2130 WEST NORTH STREET
Huntington HONOLULU HI 3450 WAIALAE
Inwood Cincinnati OH 7553 Bridgetown Road
JPMorgan Chase Bank Pittsburgh PA 100 Settlers Ridge Center Dr
JPMorgan Chase Bank NEW YORK NY 45 WALL STREET
JPMorgan Chase Bank CORSICANA TX 101 NORTH BEATON STREET
JPMorgan Chase Bank Carmel IN 270 Merchants Square Drive
JPMorgan Chase Bank San Francisco CA 1088 Stockton St
JPMorgan Chase Bank Cupertino CA 10297 S De Anza Blvd
JPMorgan Chase Bank Escondido CA 116 E Grand Ave
JPMorgan Chase Bank Greenwich CT 93 Mason St
JPMorgan Chase Bank La Mesa CA 8347 La Mesa Blvd
JPMorgan Chase Bank New York NY 148 E 79th St
JPMorgan Chase Bank Los Altos CA 400 S San Antonio Rd
JPMorgan Chase Bank Los Gatos CA 275 Los Gatos Saratoga Rd
JPMorgan Chase Bank Menlo Park CA 1215 El Camino Real
JPMorgan Chase Bank Millbrae CA 139 S El Camino Real
JPMorgan Chase Bank New York NY 443 Park Ave S
JPMorgan Chase Bank Portland OR 2405 W Burnside St
JPMorgan Chase Bank Saint Helena CA 999 Adams St
JPMorgan Chase Bank San Francisco CA 279 West Portal Ave
KeyBank PORTLAND OR 825 NE MULTNOMAH
Lake Shore TOMBALL TX 26500 KUYKENDAHL ROAD
LCNB COMMERCE TX 1312 WASHINGTON
New Carlisle FSB Jamestown NY 115 East Fourth Street
NexTier Bank Camp Hill PA 4231 Trindle Road
Northern Interstate Bank PRESCOTT AZ 201 N. MONTEZUMA SUITE #100
Park ZANESVILLE OH 14 SOUTH FIFTH STREET
Shore United Bank Annapolis MD 200 Westgate Circle
TD Bank CHERRY HILL NJ 1701 ROUTE 70 EAST
TD Bank ANDERSON SC 1499 PEARMAN DAIRY ROAD
Trustco Ramsey NJ 385 North Franklin Turnpike
U.S. Bank CAMERON PARK CA 3380 COACH LANE
U.S. Bank Delaware OH 801 N. Houk Road
U.S. Bank FRANKLIN TN 2020 FIELDSTONE PARKWAY
U.S. Bank NASHVILLE TN 8028 HIGHWAY 100
U.S. Bank MURFREESBORO TN 1731 SOUTH RUTHERFORD BOULEVARD
U.S. Bank MALVERN AR 327 SOUTH ASH STREET
U.S. Bank Tempe AZ 9900 S. Rural Rd.
Wells Fargo Bank ROGERS MN 13510 ROGERS DRIVE
Wells Fargo Bank WINNETKA IL 791 ELM STREET
Wells Fargo Bank MAPLE SHADE NJ 21 NORTH FORKLANDING ROAD
Wells Fargo Bank MERIDEN CT 55 CENTENNIAL AVENUE
Wells Fargo Bank Tipp City OH 5129 S County Rd 25a
Wells Fargo Bank AMARILLO TX 905 SOUTH FILMORE STREET
Wells Fargo Bank PALM HARBOR FL 4949 RIDGEMOOR BLVD
Wells Fargo Bank HATTIESBURG MS 6093 US HIGHWAY 98
Wells Fargo Bank SANTA FE SPRINGS CA 11701 TELEGRAPH ROAD
Wells Fargo Bank CITRUS HEIGHTS CA 7847 LICHEN DRIVE
Wells Fargo Bank TORRANCE CA 4135 PACIFIC COAST HIGHWAY
Wells Fargo Bank SCOTTSDALE AZ 23435 N. PIMA ROAD
Wells Fargo Bank RED BANK NJ 303 BROAD STREET
Wells Fargo Bank SEATTLE WA 1827 15TH AVENUE W., SUITE A2
Wells Fargo Bank TRENTON NJ 1300 HAMILTON AVENUE
Wells Fargo Bank BETHLEHEM PA 52 WEST BROAD ST
Wells Fargo Bank WILLINGBORO NJ 4306 ROUTE 130
Zions Bancorporation CRYSTAL FALLS MI 1363 US HIGHWAY 2

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

US banks close 79 branches in just over a month (2024)
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