Flagstar Bank just closed dozens of branches in 5 states. See full the list of locations that shuttered in May
This year has not been kind to retailers in terms of store closures. But brick-and-mortar shops are not the only retail category that has experienced a decline in 2025. Banks are closing retail locations, too.
One of America's largest regional banks, Flagstar, closed 24 branch locations on May 30. The closures come after the bank's parent company, Flagstar Financial, announced in January that it would be shuttering 60 branches this year. Here's what you need to know about the latest Flagstar branch closures.
What's happened?
On May 30, Flagstar shut 24 bank branches for good, according to the Office of the Comptroller of the Currency (OCC), which is an independent bureau of the U.S. Department of the Treasury. The OCC regulates national banks in the United States.
In its weekly bulletin for the period from May 25 to May 30, 2025, the OCC says that 24 Flagstar Bank branches were closed. However, the closures did not come as a surprise, as the company announced in January that it would shutter 60 branches.
As Banking Dive previously reported, Flagstar Financial announced it would close the locations in an effort to consolidate its retail footprint and cut $600 million in operating costs from its balance sheet by the end of the year.
Running physical locations incurs significant operating costs, and as more people turn to online banking first and try to avoid visiting branches if possible, those branches are used less, leading to a reduced return on investment for banks.
Which Flagstar Bank branches have closed?
According to the OCC, 24 Flagstar Bank branches closed on May 30. The branch closures impact locations in five states: Indiana, Michigan, New Jersey, New York, and Ohio.
New York saw the most Flagstar Bank branches close in this round, with nine locations shutting down. Michigan and New Jersey saw six locations each shutter. Indiana saw two close and Ohio one.
Here are the locations of the closed branches in each state.
Indiana
5770 COVENTRY LANE FORT WAYNE IN
2926 MISHAWAKA AVENUE SOUTH BEND IN
Michigan
210 WEST HURON STREET ANN ARBOR MI
29049 JOY ROAD WESTLAND MI
914 CHARLEVOIX DRIVE GRAND LEDGE MI
4675 32ND AVENUE HUDSONVILLE MI
5151 CORPORATE DRIVE TROY MI
500 WOODWARD AVENUE, Detroit, MI
New Jersey
949 BROADWAY BAYONNE NJ
142 BROAD STREET ELIZABETH NJ
36 FERRY STREET NEWARK NJ
198 JEFFERSON STREET NEWARK NJ
2624 MORRIS AVENUE UNION NJ
133 S. LIVINGSTON AVENUE LIVINGSTON NJ
New York
30TH AVENUE, ASTORIA, NY
625 ATLANTIC AVENUE BROOKLYN NY
102 DUFFY AVENUE HICKSVILLE NY
1608 KINGS HIGHWAY HOMECREST (BKLYN) NY
66-77 FRESH POND ROAD RIDGEWOOD NY
65-30 KISSENA BLVD. FLUSHING NY
509 OLD COUNTRY ROAD PLAINVIEW NY
194-02 NORTHERN BOULEVARD FLUSHING NY
100 JERICHO QUADRANGLE JERICHO NY
Ohio
ONE NORTH HAWKINS AVE. AKRON OH
Flagstar's stock price soars since closure announcement
While many people prefer the ease and convenience of online banking, closures of physical bank branches can still have a negative impact on communities and certain groups of individuals.
This is particularly true for older individuals who may not be as adept at using the internet or app-based banking, or who may simply prefer to visit a physical branch location to discuss their banking needs with a representative.
Still, financial companies looking to cut costs often turn to branch closures as the quickest way to do so (that, and employee layoffs). And investors in those banks generally react favorably to those types of moves.
Indeed, since Flagstar announced in January that it would close 60 branches, the company's stock price (NYSE: FLG) has soared. At the start of the year, FLG stock was trading in the $9 range. But by the end of January, after the company announced the branch closures, FLG stock jumped to nearly $12 per share.
Year-to-date, FLG stock is currently up over 27% as of the time of this writing. On April 25, Flagstar Financial announced its Q1 2025 earnings, in which the company revealed that its operating expenses declined 22% year-over-year.
The company says that as of March 31, Flagstar Bank held $97.6 billion in total assets, $73.9 billion in total deposits, and operated approximately 400 locations. Its online branch locator tool shows that as of today, there are 363 Flagstar Bank locations in the United States.
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