Last week, eleven bank branches belonging to three of the largest financial institutions in the United States were closed. Every week, the Office of the Comptroller of Currency issues a report that includes information on bank closures, openings, and relocations. This report covers both past and future changes that have been approved by the agency.
In 2021, the St. Louis Federal Reserve reported that 11 percent of bank branches had closed since 2009. This year, around 1,500 bank branches have closed across the country as many financial institutions begin to rethink their physical presence and increase their online services. Over one hundred more closures have taken place this year compared to those seen in 2021, showing that the trend that goes back more than a decade is continuing. The closure of bank branches can be difficult for customers who rely on them for their financial needs. This trend of closures has already started to increase the distance customers must travel to visit a bank branch, especially for those living in rural areas.
Which locations have closed over the last week?
These closures included five Bank of America branches, five Chase branches, and one US Bank branch, all of which took place between the 5 and 7 December:
BANK OF AMERICA:
- 10925 BAYMEADOWS RD, JACKSONVILLE, FL
- 2439 WELSH RD, PHILADELPHIA, PA
- 1813 FOREST HILL BLVD, EAST CLEVELAND, OH
- 1053 SUNVALLEY BLVD, CONCORD, CA
- 693 HIGH ST, WESTWOOD, MA
JP MORGAN CHASE
- 17801 108TH AVE SE, RENTON, WA
- 7950 MIRAMAR PWAY, MIRAMAR, FL
- 2 EAST CONGRESS, TUCSON, AZ
- 110 WILSHIRE BOULEVARD, SUITE 3, LOS ANGELES, CA
- 75 REAVILLE AVENUE, STE 2, FLEMINGTON, NJ
US BANK
- 690 WEST HUNTINGTON DR, MONROVIA, CA
More closures are scheduled this week, with Bank of America set to close three locations on 12 December:
- 21800 NORTH SHANGRI LA DR, UNIT 22, LEXINGTON PARK, MD
- 9660 HILLCROFT, HOUSTON, TX
- 100 CHRISTIE PLACE, SCARSDALE, NY
Early next year, Bank of America and Chase have already announced more than a dozen closures.
