U.S. Banks Closed 3,000 Branches Last Year: The Kiplinger Letter (2024)

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U.S. Banks Closed 3,000 Branches Last Year: The Kiplinger Letter? ›

However, according to Kiplinger, they are closing branches quicker than opening new ones. Last year, banks closed over 3,000 branches and only opened 1,000. JPMorgan Chase closed the most branches – 144 – while opening 133. These bank closures go hand-in-hand with the rise of digital banking.

BofA branches in Hayward, Los Altos, Pinole and St. Helena, among others, have also already closed. “Financial center closures are driven by changing banking behaviors and where we have multiple financial centers close together,” a BofA spokesperson told KRON4.

Experts say the number of bank branches has been falling nationwide since the Great Recession, but the trend accelerated after the onset of the coronavirus pandemic. They say the closures impact small business owners, rural residents and low- to moderate-income communities the most.

Bank of Scotland, Halifax and Lloyds to close 177 branches in 2024/25 – here's the full list, plus alternatives. Bank of Scotland, Halifax and Lloyds, which are all part of the Lloyds Banking Group, will shut at least 177 of their bank branches in 2024 and 2025, the Group has confirmed.

One hundred seventy-five branches have been closed this year, with the bank reporting that they plan to close more locations in early 2024. California has seen 100 of these closures, where it appears the bank is attempting to lower its physical footprint.

While there are always risks involved in the banking industry, Bank of America does not appear to be in imminent danger of collapse. However, customers and investors should always monitor the bank's financial health and risk profile and stay informed of any changes or developments that may affect the bank's stability.

Generally, credit unions are viewed as safer than banks, although deposits at both types of financial institutions are usually insured at the same dollar amounts. The FDIC insures deposits at most banks, and the NCUA insures deposits at most credit unions.

Earlier last year Silicon Valley Bank failed March 10, 2023, and then Signature Bank failed two days later, ending the unusual streak of more than 800 days without a bank failure. Before Citizens Bank failed in November 2023, Heartland Tri-State Bank failed July 28, 2023 and First Republic Bank failed May 1, 2023.

State regulators closed Republic First Bank in April 2024, marking the first bank failure of the year. Fulton Bank entered into an agreement with the FDIC to purchase most of Republic First's $6 billion in assets and to assume most of its $4 billion in deposit liabilities.

What is happening with banks and are they collapsing? In the US, regulators have shut down and sold three mid-size US banks since the beginning of March - Silicon Valley Bank, Signature Bank and First Republic. The failures are the biggest to hit the US since the 2008 financial crisis.

What banks are going out of business? ›

Two major California banks — Silicon Valley Bank and First Republic — have failed. While some banking industry leaders have said the immediate crisis is over, stock prices for other regional banks, including PacWest and Western Alliance, fell this week.

If your local bank branch closes, you might consider searching for a nearby branch, finding a convenient ATM, banking online or switching to a different bank altogether.

If your bank closes, you should receive notification of what will happen to your money from the FDIC or NCUA, the acquiring bank or both. You'll automatically have an account at the new bank, or the FDIC or NCUA will issue you a payment returning your funds.

Inflation, recessions, and housing market crashes can all cause banks to shut down. Regulation: The government provides many regulations that banks must follow, especially after the 2008 recession. Specifically, the FDIC protects individuals against losing their deposits if an insured bank fails.

Fitch Affirms U.S. Bancorp at 'A+'; Outlook Stable. Fitch Ratings - New York - 16 Oct 2023: Fitch Ratings has affirmed U.S. Bancorp and its subsidiaries' (USB) Long- and Short-Term Issuer Default Ratings (IDRs) at 'A+' and 'F1', respectively. The Rating Outlook is Stable.

The bank began closing drive-up windows in other states as early as 2013, citing declining traffic as more customers bank using their mobile devices. Bank of America officials say they now have 17 million mobile banking customers making 200,000 deposits a day.

Bank of America was one of the first major corporations to start majorly shedding its office space even before the frenzy of remote and hybrid work. It has let go of nearly 40 million square feet in the past 15 years, CEO Brian Moynihan said in a CNBC interview on Tuesday.

55 total Bank of America branches will be closing across the country before the end of 2024. Some will be closing as early as March 5th. There will also be Bank of America branch Closings in California, Georgia and Massachusetts, as well as Washington state.

The deal closed July 1, 2007. On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July.