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Wells Fargo closes eight branches in just ONE week - is YOURS affected?
Wells Fargo last week announced it will close eight of its local branches.
The bank alerted regulators to the mass closures across California, New Jersey, North Carolina, Utah, Delaware and Washington. Scroll down for the full list with addresses.
In the week June 24 to June 30, banks informed the Office of the Comptroller of the Currency (OCC) that a total of ten branches will be shuttered. The other two are being closed by regional banks.
In the same period, four branches were opened, including two by Chase and one each by Academy and Wells Fargo.
The net loss of local branches suggests the trend of banks closing their bricks-and-mortar branches is set to continue as they commit to online services.
Wells Fargo announced eight closures across seven states in just one week
National banks have closed more than 400 of their branches so far in 2024.
Each week, banks must tell the Office of the Comptroller of the Currency (OCC) of branches openings and closures.
The last year in which the number of branches in the US increased was 2011, when there were more than 85,000 throughout the US, according to FDIC data. Since then the number has dropped steadily to about 70,000.
Most national banks like US Bank, Bank of America and Wells Fargo have become increasingly confident that online banking can meet most customers' needs.
Closures can lead to significant savings. The average freestanding branch costs $2.6 million a year to run, according to Bancography, an Alabama-based consulting firm that advises banks.
Steven Reider, the founder and president of Bancography, previously told DailyMail.com that 'banks are willing to close a branch that isn't really overlapping any other branch on the gamble that customers are willing to drive a little bit further.'
'I think Bank of America has leaned into that more than the other large banks have,' he added.
Reider also noted that Bank of America's merger history has meant it ended up with branches in rural locations - yet the industry is undergoing 'a rural to urban conversion'.
'Every census since 1910 has shown a greater proportion of Americans living in in urban areas than the preceding census, so as we become an increasingly urbanized country the demand in these legacy rural markets just fades away,' he said.
Ultimately, banks are looking to consolidate the markets they are already in, and that involves placing more focus on dominating in a handful of cities.
Chase filed to open two branches in the past week but closures still created a net loss
For example, Chase is moving into Kansas City with force, Fifth Third is making similar moves into Charlotte and PNC is targeting Austin.
Though the number of bank branch closures started to ramp up through the 2010s, it was exacerbated by the pandemic, which kept people at home.
In 2023, more than 1,500 bank branches were shut for good, with California and the Midwest worst-hit.
See the boxes below for the latest closures and links to all weekly announcements this year.