“We continuously evaluate our branch network in light of changing customer needs,” said Wells Fargo as the impact of online banking on local financial institutions continues to take effect. This change, something that is being felt across other developed countries, is seeing bank branches close throughout the United States, and in recent days further announcements have been made by several financial institutions.
Why are banks closing in the US?
The reason for more and more bank doors to be closed is simple enough. As foot traffic has reduced over the years so too has the need to invest in staff and brick-and-mortar locations to service the public’s financial needs, instead switching that investment into digital support.
“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.”
Find out more on the reasons behind bank closures.
Bank branches that are closing in the US from September (by bank):
Wells Fargo
Virginia
- 122 East Grace Street, Richmond: Closing November 1
- 3501 West Broad Street, Richmond: Closing mid-September
- 8215 West Broad Street, Richmond: Closing October 28
- 2100 Ivy Rd, Charlottesville: Closing November 1
Pennsylvania
- Airport Rd, Allentown: Closure date tbc
California
- Redondo Beach: Closing September 13
Closing October 2023 (exact date tbc):
- 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 (exact date tbc):
- 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 (exact dates tbc):
- 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 (exact dates tbc):
- 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 October 5
Santander
Pennsylvania
- 4452 Oakhurst Blvd, Susquehanna Township: Closing September 14
As new bank closures are announced we will bring you more news.
