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At least 273 bank locations closed across the United States in May, while 46 opened that month.
Many major banks have announced that they’re closing down branches in 2023, as more and more customers are making deposits via their phones or to keep tabs on their balances, all without leaving their homes.
Others still rely on physical bank branches to do to the bulk of their transactions, and these closures will affect how many conduct their financial affairs. The only branch openings in May were by Big Poppy Holdings and Pinnacle Financial Partners, each of which opened two branches.
Bank Branch Closures Spike in 2023
There were 227 net closings last month, up from 79 in April and the trailing-12-month average of 132, according to a June 30 report from S&P Global Market Intelligence. U.S.-based banks had a total of 78,121 active branches nationwide at the end of May.
U.S. Bancorp, the parent company of U.S. Bank NA, led the way in bank closures, as the lender shuttered the largest number of active branches in the country in May with 133 closings, all in California, and no openings.
The Minneapolis-based lender increased the pace of branch closings again, after slowing down in the months before it completed its acquisition of San Francisco-based MUFG Union Bank NA in December last year.
Over the past 12 months, the bank has closed 194 branches and opened only seven new locations, according to data from S&P Global.
U.S. Bancorp consolidated dozens of branches while it transferred Union Bank customers to its own systems, Jeff Shelman, senior vice president and head of enterprise external communications for U.S. Bank, told S&P Global.
“Both Union Bank customers and U.S. Bank customers have gained access to branch and fee-free ATM locations through the consolidation,” Shelman wrote in an emailed statement. “Of the branches that were consolidated, more than [50 percent] were located within a half mile of another branch and [80 percent] were within a mile of another branch.”
Online Bank Transactions Leading to Fewer Physical Bank Locations
Meanwhile, Wells Fargo & Co. will close the second-largest amount of active locations, and has shuttered 38 branches while just only opening one.
Since early February, Wells Fargo has informed the OCC Bulletin of plans to close roughly 90 branches this year, with more on the docket, reported Best Life. OCC documents do not include closing dates, but banks are required to give at least 90 days’ notice ahead of branch closures.
“Branches continue to play an important role in the way we serve our customers,” a company spokesperson told Best Life.
“Additionally, customers use our wide range of digital capabilities for many of their banking needs and, as a result, more transactions are happening outside the branch. As such, we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, and market factors.”
Regarding its consumer banking operations, Wells Fargo will continue to rationalize its branch footprint strategy, CFO Michael Santomassimo said on the company’s first-quarter earnings call.
“Our branch network will continue to be the key to the business. But our customers expect us to provide them with increasingly digitized and seamless banking experiences across all channels,” said Wells Fargo president and CEO Charles Scharf to investors.
PNC Financial Services Group, which closed the most branches in March and April, landed in third in May with 30 closings and two openings. The bank is planning to close 30 more branches across seven states in July and is shuttering a total of over 200 locations nationwide, this year.
“PNC recognizes that branches continue to play an important role for many customers when it comes to conducting certain transactions and holding important in-person financial conversations with our banking experts, which is why we routinely evaluate our branch network, together with our other available methods of banking, to determine if we are most effectively meeting our customers’ needs,” a spokesperson told Best Life.
They added, “After a careful review of our business model, PNC’s strategic goals and the potential impact to our customers, the decision was made to close the locations you have listed. We remain committed to delivering on our purpose to move all forward financially, and we are confident that we can meet or exceed our customers’ needs at nearby branch locations, alongside other available methods of banking.”
Santander Bank confirmed that it would shutter 17 locations in July and August, all in Massachusetts, as more of its clients do their business online, CBS News Boston reported. The lender currently has 165 branches in the Bay State.
“Like many industries, our customers’ preferences have changed, with more customers choosing to bank with us online,” Santander wrote in a statement to CBS.
“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.”
The bank told Best Life, “Like many industries, our customers’ preferences have changed, with more customers choosing to bank with us online.”
“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.”
Number of Bank Closures Varies Across the US
Bank branch closures varied by region throughout the country. The West recorded the largest number of net branch closings, with 158 locations being shuttered. The Northeast was at second with 32 closings, followed by the Southeast region with 20.
On a state level, California booked the most net closings at 138, while New Jersey logged 17 closings. New York will shutter 19 branches this summer, as lenders cut back on in-person banking for online transactions.
About 8,000 bank branches were in operation throughout New York in 2000, but that number was halved by 2022, according to FDIC data.
Nine states, Colorado, Connecticut, Delaware, Iowa, Kansas, Kentucky, Maine, Maryland, and Nebraska opened one branch each this year so far.
The Epoch Times reached out to U.S. Bancorp and Wells Fargo for comment.
Article cross-posted from our premium news partners at The Epoch Times.
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Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Our network is currently comprised of six sites:
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We are also building partnerships with great conservative sites like The Liberty Daily and The Epoch Times to advance the message as loudly as possible, and we’re always looking for others with which to partner.
Some of our content is spread across multiple sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
While donations are the best way to help, you can also support us by buying through our sponsors:
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We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
Time is short. As the world spirals towards The Great Reset, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
JD Rucker
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