tl;dr
Several major U.S. banks, including Wells Fargo, Bank of America, JPMorgan Chase, US Bank, and PNC, have collectively planned to close 113 branches between Thanksgiving 2024 and January 11. Additional closures were reported by UMB Bank, Bank of America, Flagstar, US Bank, and JPMorgan Chase. The Fed...
Major US banks have closed 113 branches in the span of 6 weeks, and projections based on data from the Federal Deposit Insurance Corporation (FDIC) and Self Financial indicate a potential complete extinction of bank branches by 2041. Some of the major banks involved in this trend include Wells Fargo, Bank of America, JPMorgan Chase, US Bank, and PNC.
According to the Federal Deposit Insurance Corporation (FDIC), the peak number of bank branches in the US was in 2012, and based on current trends, they are predicted to become extinct within approximately 16 years. Some states may have no physical bank branches as early as 2031.
Between Thanksgiving 2024 and January 11, the aforementioned banks collectively planned 113 branch closures, with additional closures reported by UMB Bank, Bank of America, Flagstar, US Bank, and JPMorgan Chase. Notably, UMB Bank closed 28 branches, Bank of America closed nine, and Flagstar closed 15. US Bank and JPMorgan Chase each closed six branches in the same timeframe. California witnessed the most branch closures.
Self Financial reported that the number of bank branches peaked in 2012 and is predicted to become completely extinct within approximately 16 years. The firm's data suggests that, based on current trends, some states, like New England, Connecticut, Maine, and Vermont, could have no physical bank branches by 2031.