US banks closed 51 branches in just three weeks (2024)

  • Woodforest National Bank closed the most branches so far in June
  • Scroll down to the box below for details of all branches shut this year
  • READ MORE: What to do if your local branch shuts

By Alice Wright For Dailymail.Com

Published: | Updated:

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US banks closed 51 branches across the country in the first three weeks of June.

The figures suggest banks are committed to increasingly offering their services online and axing costly bricks-and-mortar locations.

More than 400 bank branches have closed so far in 2024.

In the weeks June 2 to June 23 Woodforest National Bank closed the most branches - 29 overall in states including Ohio, New York and Virginia.

Bank of America also closed nine branches in the same period.

Bank of America also closed nine branches in the same period

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

Santander, Fulton Bank and Dream First Bank were also among those who announced closures.

New York was the worst hit state with eight closures in locations from Manhattan, Albany and Jefferson.

In the same three weeks of June, a further 32 bank branches were opened, leaving a net nineteen closures.

JP Morgan Chase led the charge for openings, filing notices for thirteen new branches with thefederal regulator.

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.

JP Morgan Chase led the charge for openings, filing notice for thirteen new branches

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.

Branch Closures (June 2 - June 23)
Bank City State Location
Abacus FSB New York NY 116 Nassau Street
Bank of America Maricopa AZ 1961 WEST BASELINE ROAD
Bank of America New York NY 261 BROADWAY
Bank of America Los Angeles CA 44411 20TH STREET, EAST
Bank of America Simpson KY 910 SOUTH MAIN
Bank of America Salt Lake UT 5560 WEST 13400 SOUTH
Bank of America Manitowoc WI 1516 Washington Street
Bank of America Marshall AL 1450 N BRINDLEE MTN PKWY
Bank of America Marshall AL 11697 US HWY 431
Bank of America Montgomery AL 10710 CHANTILLY PKWY
Broadway Dallas TX 8201 Preston Rd, Suite 715
Dream First Bank Hopkins KY 108 S Main Street
Fulton Bank Cuyahoga OH 800 SUPERIOR AVENUE
Fulton Bank New York NY 830 3rd Ave
JPMorgan Chase Bank Geauga OH 100 CENTER STREET
KeyBank New York NY 90 5th Ave
Santander Bank Hartford CT 1040 BOULEVARD
U.S. Bank New Haven CT 1331 BOSTON POST ROAD
U.S. Bank Morton KS 212 Washington St.
U.S. Bank San Diego CA 9460 SCRANTON ROAD
U.S. Bank Harris TX 10101 WESTHEIMER ROAD
Wells Fargo Bank Jackson MS 3911 BIENVILLE BLVD
Woodforest NB Wells IN 2100 NORTH MAIN STREET
Woodforest NB Hendricks IN 400 WEST NORTHFIELD DRIVE
Woodforest NB St Marys MD 45485 MIRAMAR WAY
Woodforest NB Montgomery OH 3465 YORK COMMONS BOULEVARD
Woodforest NB Westmoreland PA 6700 HOLLYWOOD BOULEVARD
Woodforest NB Franklin OH 5900 BRITTON PARKWAY
Woodforest NB Montgomery OH 7725 HOKE ROAD
Woodforest NB Stafford VA 125 WASHINGTON SQUARE PLAZA
Woodforest NB Lake IL 6590 GRAND AVENUE
Woodforest NB Anne Arundel MD 7081 ARUNDEL MILLS CIRCLE
Woodforest NB Madison IL 12495 STATE ROUTE 143
Woodforest NB Lee VA 468 TRADE CENTER LANE
Woodforest NB Campbell KY 6711 ALEXANDRIA PIKE
Woodforest NB Daviess KY 3151 ST RT 54
Woodforest NB Morehouse LA 6091 MER ROUGE RD
Woodforest NB Anne Arundel MD 3549 RUSSETT GREEN EAST
Woodforest NB Kendall IL 2000 ORCHARD ROAD
Woodforest NB Lake OH 6067 NORTH RIDGE ROAD
Woodforest NB Albany NY 141 WASHINGTON AVE EXT
Woodforest NB Albany NY 311 RTE 9 W
Woodforest NB New York NY 345 PARK AVENUE SOUTH
Woodforest NB Pulaski VA 5225 ALEXANDER ROAD
Woodforest NB Loudoun VA 45415 DULLES CROSSING PLAZA
Woodforest NB Forsyth NC 426 SOUTH STRATFORD RD.
Woodforest NB Perry IN 730 EAST HIGHWAY 66
Woodforest NB Martin NC 1529 WASHINGTON ROAD
Woodforest NB Canadian OK 1330 S. CORNWELL
Woodforest NB Jefferson NY 20823 NY S RT 3
Woodforest NB Orange FL 631 SOUTH ORLANDO AVENUE

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

US banks closed 51 branches in just three weeks (2024)
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