Latest news with #branchclosures
Daily Mail
2 days ago
- Business
- Daily Mail
Major US banks close more than 100 branches in two months
US banks are shutting more than ten branches every week as they leave even more communities without vital services. Institutions including Chase, Wells Fargo and Bank of America shut down a total of 105 brick-and-mortar locations between May 16 and July 16. Wells Fargo closed 31 branches, more than any other institution in the period. Regulators recently lifted its $1.95 trillion asset cap. The banks did not immediately respond to the Daily Mail's request for comment. Bank of America followed with 15 closures, while Community Bank cut 12. Chase closed 8, and a further 39 were closed by a range of banks including PNC, Santander and UMB Bank. Scroll down to see the full list with addresses. New York was the worst hit state, losing 11 community branches around the state in the two-month period. Texas and Pennsylvania followed closely, both seeing 10 closures, followed by California which saw nine and Florida, eight. Banks are required to alert the OCC before shutting down a branch and the federal agency then publishes the filings in a weekly report. While the listings indicate intent to close, they are not final confirmations. In 2024, banks closed a total of 1,043 branches nationwide and the trend has only accelerated in 2025 with 272 closures logged in the first quarter alone. In April, institutions closed a further 42 branches, and by mid-May another 36 had been wiped out. New research also recently revealed that the last physical branch could close 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. 'Retail bank closures in the US aren't slowing,' Darren Kingman from Root Digital told 'The last time this many people shared a local branch was in 1995,' he explained. Kingman 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 also 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.
Daily Mail
2 days ago
- Business
- Daily Mail
Major US banks close more than 100 branches in just two months
US banks are shutting more than ten branches every week as they leave even more communities without vital services. Institutions including Chase, Wells Fargo and Bank of America shut down a total of 105 brick-and-mortar locations between May 16 and July 16. Wells Fargo closed 31 branches, more than any other institution in the period. Regulators recently lifted its $1.95 trillion asset cap. The banks did not immediately respond to the Daily Mail's request for comment. Bank of America followed with 15 closures, while Community Bank cut 12. Chase closed 8, and a further 39 were closed by a range of banks including PNC, Santander and UMB Bank. Scroll down to see the full list with addresses. New York was the worst hit state, losing 11 community branches around the state in the two month period. Texas and Pennsylvania followed closely both seeing 10 closures, followed by California which saw nine and Florida, eight. Banks are required to alert the OCC before shutting down a branch and the federal agency then publishes the filings in a weekly report. While the listings indicate intent to close, they are not final confirmations. In 2024, banks closed a total of 1,043 branches nationwide and the trend has only accelerated in 2025 with 272 closures logged in the first quarter alone. In April institutions closed a further 42 branches, and by mid-May another 36 had been wiped out. New research also recently revealed that the last physical branch could close 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. 'Retail bank closures in the US aren't slowing,' Darren Kingman from Root Digital told 'The last time this many people shared a local branch was in 1995' he explained. Kingman 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 also 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.
News.com.au
5 days ago
- Business
- News.com.au
Bendigo Bank closing down agency model, leaving dozens of towns without banking service
Dozens of regional communities will be left without a bank after Bendigo Bank announced it was axing its agency model, saying the current system can no longer be supported. A total of 28 agencies across NSW, Victoria, Queensland, South Australia and Western Australia stop operating from October, while 10 branches in Victoria, Queensland and Tasmania will shut their doors from August. The agency model, established more than 30 years ago, allowed Bendigo to offer 'limited banking services via third parties in areas where there was not enough customer demand to sustain a branch'. 'Following a review, Bendigo Bank has concluded that its agency model can no longer be supported due to decreasing customer use and other relevant factors and will be retired from October 2025,' the bank said in a statement. 'The bank apologises to customers that use these agencies for any inconvenience.' Bendigo Bank's chief customer officer consumer, Taso Corolis, said the decision had been informed by 'limited use of these services' and 'an increase in costs and compliance obligations'. 'Bendigo Bank operates more branches per customer than any other Australian bank and Australia's second largest regional branch network,' he said 'We are proud of our regional heritage and are committed to providing face-to-face banking services for our customers. 'To preserve what makes our bank unique, we must prioritise our investments across both physical and digital channels to continue meeting the changing needs and growing expectations of our 2.7 million customers.' He said the bank would help customers adjust to the change. 'This may be in the form of connecting them with their closest alternate service, including nearest branch or Bank@Post locations, and walking them through e-banking services available, when required,' he said. The move is sparking outrage in regional communities, who may now long drives if they wish to attend a branch in person. One such affected community is Queenstown on the west coast of Tasmania. The Bendigo Bank is the last dedicated physical bank branch in town and residents now face a two and half-hour drive to the closest bank. Speaking in the Senate on Wednesday night, Queensland and One Nation Senator Malcolm Roberts warned of the impact the closure of that branch would have. 'This is not only the last bank in town. It's the last bank on the entire West Coast of Tasmania,' Roberts said. 'The locals will have no choice and will be forced to drive two and a half hours over icy mountain roads to the next closest bank in Burnie.' Senator Roberts said he was 'having to raise' it because Tasmania's senators had 'ignored' the issue. He accused the Albanese government of ignoring the senate inquiry into regional banking, which had made a number of recommendations, 'The government was supposed to respond within 90 days. It's been 14 months and the government has simply ignored it,' Senator Roberts said.
Yahoo
13-07-2025
- Business
- Yahoo
HarborOne-Eastern Bank merger: Is your Brockton-area branch one of 13 slated to close?
Eastern Bank and Brockton-born HarborOne Bank aim to close 13 branches between them as part of their merger. That would leave 126 branch locations for the merged company in Massachusetts and Rhode Island. Pending regulatory approval, the 13 branches will likely begin closing in February 2026, said Eastern Bank President and CEO Quincy Miller. He said the banks are consolidating where branches are close to each other. "Our approach is what's best for the customers and I think we take a different approach than maybe some of the other banks," Miller said in a July 11 interview with The Enterprise. In Brockton, the Eastern Bank branch and drive-through at 276 Quincy St. would close. All HarborOne locations in the city would remain open. That will mean, post-merger, Brockton would have four full-service branches: 1265 Belmont St., 443 Belmont St., 68 Legion Parkway and 1601 Main St. Close to the Brockton line is another branch that's staying open: 472 Foundry St., North Easton Impact of merger What will HarborOne's merger with Eastern Bank mean for Brockton customers, employees? The combined bank will be branded as Eastern Bank. Miller expects signs at the HarborOne branches to be changed to Eastern Bank by end of March 2026. 64 Broad St., Boston14 West Broadway, Boston1608 Commonwealth Ave., Brighton473 Harvard St., Brookline1739 Massachusetts Ave., CambridgeOne Chestnut Place, Quincy101 Dudley St., Providence, RI 110 Main St., Bridgewater276 Quincy St., Brockton45 Main St., Lakeville71 Carver Road, West Plymouth35 Memorial Parkway, Randolph397 Washington St., Stoughton Source: Legal ad in Brockton Enterprise, June 27, 2025 Outdoor shower Brockton home sells for $610K; Bridgewater home sells for $533K If you use a particular branch that's closing, you can check the HarborOne or Eastern branch locators to see the nearest branch. In more than 95% of cases, Miller said, a branch within a mile of it will be staying open. The merger is expected to close Oct. 31, assuming that regulators agree and that HarborOne stockholders vote "yes." If you're reading this the morning of Monday, July 14, you have until the end of the day to file comments about the proposal with financial regulators. Here's how, according a legal ad placed in The Enterprise: File your comments in writing with the regional director of the Federally Insured Deposit Corp. at the FDIC Boston-area office, 15 Braintree Hill Office Park, Braintree, MA 02184. When bank leaders announced the merger proposal in April, they said the company would offer jobs to any employees currently at branches on the closure list. Miller confirmed that's still the plan. Some employees may discover, he said, that there's a branch that's an easier commute for them and request transfers. Wondering about a vacant building, construction site or other sign of change in or near Brockton? I'm veteran local reporter Chris Helms and I'll help you find out. Email your questions and tips to CHelms@ or connect on X at @HelmsNews. This article originally appeared on The Enterprise: Brockton Eastern Bank branch closing as part of HarborOne merger Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
09-07-2025
- Business
- Forbes
Santander Branch Shutdown Alert: See If Yours Is Closing
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Santander Bank will shut down 18 U.S. branches this summer as it looks to streamline operations and double down on digital banking . The closures, outlined in regulatory filings and bank statements, will take place between July 31 and August 21, 2025. The move will affect about 4.5% of the bank's U.S. branch network. The branch shutdowns primarily affect areas in the Northeast, where Santander has its strongest presence. Massachusetts: 6 branches Boston: 346 Congress St. Middleton: 39 S. Main St. Norwell: 69 Washington St. Salem: 22 New Derby St. Woburn: 19 Pleasant St. Worcester: 655 Park Ave. New Jersey: 4 branches Hoboken: 214 Washington St. Newark: 873 Broad St. Pennington: 2583 Pennington Road Wharton: 40 S. Main St. Pennsylvania: 4 branches Ephrata: 370 N. Reading Road Harrisburg: 235 N. 2nd St. Philadelphia: 2103 Hamilton Ave. West Chester: 50 W. Market St. New York: 2 branches Bronx: 200 E. 161st St. Staten Island: 81 Water St. Rhode Island: 1 branch Providence: 280 Atwells Ave. New Hampshire: 1 branch Salem: 541 S. Broadway Suite 100 Despite these closures, the bank will continue operating over 300 branches across the country and remain in key regional markets. Santander says customers will still have access to online and mobile banking tools, as well as nearby branches. The move comes as Santander doubles down on its digital offerings. Its U.S.-based digital platform, Openbank, surpassed $2 billion in deposits earlier this year. The company plans to invest further in online-first services and roll out more modern branch formats—like 'counter-free' locations designed to assist with complex financial needs rather than routine transactions. 'Our aim is to become a national, digital bank with branches, and reaching this deposit milestone at record pace is a testament to our customer-obsessed mindset, commitment to innovation and global connectivity. We are uniquely positioned to provide U.S. consumers with the digital banking experience of a FinTech and the strength and stability of a leading global bank,' says Swati Bhatia, head of retail banking and transformation. Branch closures have become increasingly common across the banking industry as customers shift toward mobile apps and ATMs. Still, for customers who prefer in-person banking or rely on local branches for business services, losing a nearby location may mean adjusting to new habits. Affected customers should: Use the bank's online branch locator to find nearby alternatives. Explore Openbank's tools, especially for checking , savings and mobile money management. , and mobile money management. Call customer service for help transitioning accounts or services. It's not just Santander making cuts. Over 900 bank branches closed across the U.S. last year, mainly because customers chose to bank from their phones instead of visiting branches. As fintech apps offer quick, intuitive access to money, traditional banks are under pressure to modernize—and fast. Was this article helpful?
