According to Lagradaonline, Bank branch closures remain a prominent issue this October, with the end of the month approaching and an alarming trend showing no signs of slowing down. In just one week, a total of 35 bank locations have shut their doors.
Major Bank Closures
Among the banks involved in this recent wave, US Bank led the pack with the most closures, shutting down 11 locations between October 15 and 22. Wells Fargo and Bank of America each closed six branches, while PNC Bank cut five. Additional closures were recorded for Beverly Bank, Citizens Bank, Fidelity Bank, First National Bank of Omaha, Flagstar, and Chase.
California has been the hardest-hit state in this latest downsizing effort, losing nine branches in just this week alone. This adds to the 86 branch closures already reported across the state from January through September.
Insights from Bank Executives
A spokesperson for US Bank spoke with DailyMail.com regarding the closures, stating, “Clients’ banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms, and a desire for greater simplicity. 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.”
Customer Concerns
This trend of branch closures has become increasingly common, with US Bank alone shutting down 121 locations this year. However, not all customers are in agreement with this policy shift. Many older citizens find it challenging to navigate online banking apps, and certain transactions still require in-person assistance from bank employees.
Self Financial conducted a poll revealing that 39 percent of respondents expressed greater trust in banks with physical branches compared to those without. Additionally, nearly two-thirds of Americans still prefer to use physical branches for cash deposits, while over half visit branches to consult with in-person advisers.
Summary of Recent Closures
The following bank branch closures occurred between October 15 and October 22:
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Bank of America
Oceanside, CA: 702 Mission Ave
Fort Myers, FL: 8681 Cypress Lake Drive
Ormond Beach, FL: 902 South Atlantic Avenue
Tampa, FL: 2700 West Dr. Martin L. King Jr. Boulevard
Nashville, TN: 969 South Gallatin Road
Hendersonville, TN: 451 West Main Street
Beverly Bank & Trust Co
Chicago, IL: 1908 West 103rd Street
Citizens Bank
Philadelphia, PA: 8345 Ridge Avenue
Fidelity Bank
Tulsa, OK: 2222 S. Utica Place
First National Bank of Omaha
Bayard, NE: 302 Main Street
Flagstar Bank
Jericho, NY: 336 North Broadway
JPMorgan Chase Bank
Las Vegas, NV: 1340 East Flamingo Rd
Houston, TX: 4335 Martin Luther King Blvd., Ste B
PNC Bank
Albuquerque, NM: 2444 Louisiana Blvd Ne
Bakersfield, CA: 8500 Stockdale Hwy Ste 100
Albuquerque, NM: 3500 Candelaria Rd Ne
Napoleon, OH: 701 N Perry St
Napoleon, OH: 801 N Perry St
U.S. Bank
Cobden, IL: 118 S Front St
Cambridge, OH: 819 Wheeling Avenue
Blair, NE: 1865 Washington St
Hopkinsville, KY: 1101 S Main Street
Pleasanton, CA: 6774 Bernal Avenue, Suite 310
Wahpeton, ND: 502 Second Avenue North
Maquoketa, IA: W Platt & McKinsey Dr
San Francisco, CA: 3473 California Street
Mill Valley, CA: 453 Miller Avenue
Humboldt, IA: 701 Sumner Ave
Hayward, CA: 27000 Hesperian Boulevard
Wells Fargo Bank
Pasadena, CA: 655 North Fair Oaks Avenue
Pleasanton, CA: 5798 Stoneridge Mall Road
Dallas, TX: 5809 E. Lovers Lane
Hickory, NC: 200 First Ave. Nw
El Paso, TX: 221 N. Kansas Street
North Highlands, CA: 7477 Watt Avenue
As bank branches continue to close, the debate over the necessity of physical locations in an increasingly digital world is likely to intensify.
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Publish date : 2024-11-01 05:52:00
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