As bank customers move online and make fewer trips to their local branches, many national financial institutions are closing down locations. This is not a new trend. Insider Intelligence reported that between 2017 and 2021, nine percent of all branches — around 7,000 locations— shut their doors.
The branches currently being shut are typically found in cities where another location exists, leaving customers with an office in case they require in-person assistance. For example, Bank of America is closing a branch in San Marcos, Los Angeles, and Anaheim, all home to additional locations.
“More customers choosing to bank with us online”
“Like many industries, our customers’ preferences have changed, with more customers choosing to bank with us online,” Santander said in a statement to customers.
“Therefore, we are reimagining the customer and employee experience by simplifying our processes, refining our branch footprint, and increasing our investment in digital capabilities to align with the evolving needs of our customers.”
In a similar vein, Wells Fargo said: “We continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking and market factors.”
Bank branches that are closing in the US in the coming weeks:
Wells Fargo
Virginia
- 122 East Grace Street, Richmond: Closing on November 1
- 3501 West Broad Street, Richmond: Closing in mid-September
- 8215 West Broad Street, Richmond: Closing on October 28
- 2100 Ivy Rd, Charlottesville: Closing on November 1
Pennsylvania
- Airport Rd, Allentown: No specific date for closure
California
Closing in October:
- 116 Sunset Dr, San Ramon
- 103 East Stetson Ave, Hemet
- 1565 East Highland, San Bernardino
- 18 E. Carillo St, Santa Barbara
- 1071 El Camino Real, Redwood City
- 303 N. El Dorado St, Stockton
- 42420 Washington Ave, Bermuda Dunes
Bank of America
California
Closing in October:
- 2925 Scott Blvd, Santa Clara
- 200 Cochrane Plaza
- Morgan Hill
- 1275 Fell St, San Francisco
- 3491 McKee Rd, San Jose
- 1400 Moraga Way, Moraga
- 2049 Century Park East, Los Angeles
City National Bank
California
Closing in October:
- 50 Freemont St, San Francisco
- 800 Silverado St, La Jolla
- 1800 Century Park East, Los Angeles
- 1100 Flynn Rd, Camarillo
Chase
California
Closing in October:
- 23220 Hawthorne Blvd, Torrance
- 1 Hacker Way, Menlo Park
- 150 W. Foothill Blvd, Azusa
First Citizens Bank
North Carolina
- 20310 W Catawba Ave, Cornelius: Closing on October 5
