EXCLUSIVEMajor US banks closed more than 110 branches over the holidays... is yours on the list?
In just six weeks between Thanksgiving and the start of January, major US banks announced the closure of more than 110 branches.
Experts warn the mass closures suggest that the local bank branch bloodbath that raged in recent years will continue into 2025.
Last year, a DailyMail.com investigation revealed that major retail banks closed around 1,000 branches last year.
Wells Fargo, US Bank, PNC and Bank of America were among the financial institutions behind a total of 113 planned closures announced between November 30 and January 11. Critics suggest the timing during the holidays was to avoid closer scrutiny.
UMB Bank, small regional bank with 89 branches across nine states, was the worst offender during the six weeks. It told regulators that it had lined up 28 branches for closure - nearly a third of the 89 it has listed on its website.
Other banks that closed significant branches included PNC, which closed 12, Bank of America, 10, and Flagstar which shuttered seven.
Bank of America closed nine, Flagstar closed 15, US Bank and Chase six each. Scroll down to see the full searchable list.
The closures are registered with the Office of the Comptroller of the Currency (OCC), and represent planned closures. This means they are likely to close but is not a final confirmation.
UMB Bank told regulators that it had lined up 28 branches for closure - nearly a third of the 89 it has listed on its website
PNC bank were among the major institutions that have shuttered branches in recent weeks
Meanwhile, new research recently revealed that the last physical bank branch could close in the US in 2041.
Experts from Self Financial reached the number by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018.
Despite the majority of Americans now opting to do the majority of their banking online, customers still prefer to use physical branches for particular services.
It is also a struggle for some older clients to operate services such as mobile banking.
Nearly two-thirds of Americans still use a physical branch to make cash deposits, while over half use them to speak to an in-person adviser, the report found.
39 percent of those polled told Self Financial that they had more trust in banks with physical branches than those without.
Closures can lead to significant savings for banks, since the average freestanding branch costs around $2.6 million a year to run.
In the fall, DailyMail.com revealed that banks had closed more than 700 branches in the first nine months of the year.
US banks closed a total of 754 locations in the first nine months of the year
JIm Rine is CEO of UMB Bank, small regional bank with 89 branches across nine states. It has told regulators it plans to shutter more than a third of these
If the current rate of closures continues for the rest of the year slightly over 1,000 branches will have shut across the country this year alone.
Bank of America closed the most locations of any bank, shuttering 132 between January and September.
U.S. Bank followed swiftly behind, having closed 101 of their own branches.
Wells Fargo closed 92, Chase 90 and TD Bank 52 in the same period.
The worst hit state was California which saw 86 branches close across the state.
New York saw 64 closures in the first nine months of 2024.
Other badly hit states include Pennsylvania, 47, Texas, 46, Ohio, 45, Florida, 43, and New Jersey, 41.
Given the rate of closures rom January to September last year, 2024 was on course for slightly over 1,000 branches in total.
