Several banks, including Wells Fargo, Bank of America and PNC Bank, continue to close branches in the United States, following a trend in recent years. According to data from the Federal Deposit Insurance Corporation (FDIC), via CNBC, approximately 8,000 banks were in operation in 2000, but by 2022, only half were surviving.
PNC Bank closes more than 40 branches: These are the states most affected
In the case of PNC Bank, more than 40 branches will be closing this month, according to documents filed with the Office of the Comptroller of the Currency (OCC). When banks are closing branches, they must notify the OCC at least 90 days prior to the closing date through an Advance Notice of Branch Closure, as outlined in the Comptroller’s Licensing Manual.
Each of the closures are documented in a weekly bulletin. The March 25 newsletter reported the closure of 46 PNC Bank branches. Taking into account that the announcement of the closure is made 90 days before, the closure of the branches will take place this month.
The closures of PNC Bank will mainly affect the states of Virginia, Texas, New Jersey and Alabama. You can see the details of each of the branches that will close this month in the OCC newsletter.
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The upcoming closures of PNC Bank in the United States
The closure of another 30 PNC Bank branches was announced in the April 22 OCC newsletter, which will close in July. In addition, the May 20 newsletter announced the upcoming closure of 29 branches, which will close in August.
Why are banks closing all over the United States?
Several financial institutions were forced to temporarily close locations due to labor shortages and an increase in covid-19 infections.
These closures led to a boom in online banking and therefore a drop in transactions at physical branches. Now, customers expect their banks to provide them with increasingly digitized and seamless banking experiences across all channels.
On the other hand, banks have decided to close those branches that are not profitable and have a high cost. In addition, competition from banks that only operate online has increased, forcing certain financial institutions to close branches.
