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Daily Mail
05-05-2025
- Business
- Daily Mail
Major banks close 42 local branches in just a few weeks
By US banks filed to shut 42 local branches in just under a month — leaving dozens of communities with fewer services. Between April 1 and April 26, major lenders including Bank of America, Chase, and U.S. Bank were among the 14 banks to notify the Office of the Comptroller of the Currency (OCC) closure plans. Banks are required to alert the OCC before shutting down a branch. The agency then publishes the filings in a weekly report. Chase and U.S. Bank both closed three locations. The rest were made up of Citizens Bank, Cumberland Valley, Fifth Third Bank, FSNB, KeyBank, Pacific Premier Bank, PNC, Warsaw FS, Well Fargo and Zions Bancorporation. In 2024, banks closed a total of 1,043 branches nationwide. The trend has accelerated in 2025, with 272 closures already logged in the first quarter alone. 'Industry consolidation — both in the number of banks and branches — is a long-standing trend that will continue, especially as more transactions move online,' Bankrate's chief financial analyst Greg McBride told 'Consumers and small businesses in rural areas are the most impacted, particularly business owners that must make a daily bank run to deposit cash or consumers that lack viable transportation,' he explained. The bloodbath is set to accelerate in 2025. Branch numbers are predicted to fall a further 4.11 percent decrease by the end of the year, a recent study from Self Financial revealed. 'Retail bank closures in the US aren't slowing,' Darren Kingman (pictured) from Root Digital — who worked on the Self Financial study — told 'The last time this many people shared a local branch was in 1995.' He warned that while the US edges toward a cashless future, over 200 million Americans still deposit cash — meaning longer lines and worse service as access shrinks. Despite the digital shift, a new GoBankingRates survey found 45 percent of Americans still prefer in-person banking. 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained. 'Meanwhile, a whopping 76 percent says that the current banking system needs small or major changes.' Further to this more than half of respondents said they were concerned about the rising number of physical bank branch closures over the last few years. Meanwhile, new research recently revealed that the last physical bank branch could close in the US in 2041. Experts from Self Financial reached the number by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018. Despite the majority of Americans now opting to do the majority of their banking online, customers still prefer to use physical branches for particular services. It is also a struggle for some older clients to operate services such as mobile banking. Nearly two-thirds of Americans still use a physical branch to make cash deposits, while over half use them to speak to an in-person adviser, the report found. 'Client's banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms, and a desire for greater simplicity,' a spokesperson for US Bank recently told 'As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets. 'Although we are closing some branches, we continue to open and enhance others, as well as rapidly enhancing our digital capabilities.' Wells Fargo echoed similar sentiments in a previous statement to 'Branches continue to play an important role in the way we serve our customers in combination with our mobile app, online website, and ATMs,' a spokesperson for the bank said. 'As we optimize our branch network, we are focused on evolving our branch presence based on customer usage and the changing traffic patterns and retail landscape to best meet the banking needs of each community we serve.' Want more stories like this from the Daily Mail? Visit our profile page and hit the follow button above for more of the news you need.
Daily Mail
05-05-2025
- Business
- Daily Mail
Major banks close 42 local branches in just a few weeks... is YOURS affected?
US banks filed to shut 42 local branches in just under a month — leaving dozens of communities with fewer services. Between April 1 and April 26, major lenders including Bank of America, Chase, and U.S. Bank were among the 14 banks to notify the Office of the Comptroller of the Currency (OCC) closure plans. Banks are required to alert the OCC before shutting down a branch. The agency then publishes the filings in a weekly report. While the listings indicate intent to close, they are not final confirmations. Scroll down to see the full list with addresses. Flagstar Bank closed 16 locations, more than any other institution in the period. Flagstar did not immediately respond to request for comment. Bank of America, which closed the most locations last year, followed by shutting nine. Chase and U.S. Bank both closed three locations. The rest were made up of Citizens Bank, Cumberland Valley, Fifth Third Bank, FSNB, KeyBank, Pacific Premier Bank, PNC, Warsaw FS, Well Fargo and Zions Bancorporation. In 2024, banks closed a total of 1,043 branches nationwide. The trend has accelerated in 2025, with 272 closures already logged in the first quarter alone. 'Industry consolidation — both in the number of banks and branches — is a long-standing trend that will continue, especially as more transactions move online,' Bankrate's chief financial analyst Greg McBride told 'Consumers and small businesses in rural areas are the most impacted, particularly business owners that must make a daily bank run to deposit cash or consumers that lack viable transportation,' he explained. The bloodbath is set to accelerate in 2025. Branch numbers are predicted to fall a further 4.11 percent decrease by the end of the year, a recent study from Self Financial revealed. 'Retail bank closures in the US aren't slowing,' Darren Kingman from Root Digital — who worked on the Self Financial study — told 'The last time this many people shared a local branch was in 1995.' He warned that while the US edges toward a cashless future, over 200 million Americans still deposit cash — meaning longer lines and worse service as access shrinks. Despite the digital shift, a new GoBankingRates survey found 45 percent of Americans still prefer in-person banking. 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained. Wells Fargo was among the major banks to register plans to shut some of its branches 'Meanwhile, a whopping 76 percent says that the current banking system needs small or major changes.' Further to this more than half of respondents said they were concerned about the rising number of physical bank branch closures over the last few years. Meanwhile, new research recently revealed that the last physical bank branch could close in the US in 2041. Experts from Self Financial reached the number by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018. Despite the majority of Americans now opting to do the majority of their banking online, customers still prefer to use physical branches for particular services. It is also a struggle for some older clients to operate services such as mobile banking. Nearly two-thirds of Americans still use a physical branch to make cash deposits, while over half use them to speak to an in-person adviser, the report found. 'Client's banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms, and a desire for greater simplicity,' a spokesperson for US Bank recently told 'As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets. 'Although we are closing some branches, we continue to open and enhance others, as well as rapidly enhancing our digital capabilities.' Wells Fargo echoed similar sentiments in a previous statement to 'Branches continue to play an important role in the way we serve our customers in combination with our mobile app, online website, and ATMs,' a spokesperson for the bank said. 'As we optimize our branch network, we are focused on evolving our branch presence based on customer usage and the changing traffic patterns and retail landscape to best meet the banking needs of each community we serve.'
