Similar to your local pharmacy or post office, your local bank branch is one of the few places where modern technology hasn't completely shifted the need for brick-and-mortar outposts to our phones and mobile devices. But even as they maintain their usefulness, financial institutions are still grappling with the evolving reality of maintaining physical storefronts. And now, Bank of America, Chase, and PNC are closing even more branches in the coming weeks. Read on to see what locations will be affected by the upcoming changes.
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Recently filed documents show Bank of America is shuttering at least eight locations.
Tero Vesalainen / ShutterstockAccording to the weekly bulletin posted by the U.S. Office of the Comptroller of the Currency (OCC) for the week of Jan. 20, major financial institutions plan to close nearly two dozen bank branches. While exact closing dates and other details are unclear, federal regulations require banks to provide at least 90 days' notice before shuttering locations.
Bank of America is included in the list with a total of eight branches that will soon disappear. They include locations in Scottsdale and Tucson, Arizona, as well as a pair in California in Gilroy and Temecula. Florida is losing a couple of its own branches in Brandon and Jacksonville.
New Mexico is losing a single location in Albuquerque. And Portland, Oregon, will see a location shutter in the near future.
Best Life has reached out to Bank of America for comment on its list of planned closures, and we will update this story with its response.
PNC is axing 13 of its branches in the coming months.
ShutterstockThose who bank with PNC might also be affected by a closure. The financial institution is shuttering more than a dozen of its locations, including one Georgia branch in Alpharetta and a Maryland branch in Hollywood.
Michigan is losing a pair of locations with the closure of branches in Livonia and Pickney. Meanwhile, Texas will be down a branch in Broaddus, and Wisconsin will have one less PNC Bank in Cudahy.
However, Pennsylvania will see the most closures of any state. The bank has announced it's closing a location in East Stroudsburg and three different branches in Pittsburgh, per the OCC filing.
"PNC recognizes that branches play a key role in how we provide solutions to our clients alongside our other channels," a PNC spokesperson told Best Life in an email when reached for comment. "That's why we continually study customer and prospect transaction patterns to determine how we can most effectively meet the needs of our communities. As a result, we have made significant investments in our PNC branch footprint over the past five years and continue building new branches and renovating existing locations. At the same time, we also make decisions to close branches as customer needs evolve."
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Chase will soon shutter a single branch location.
rblfmr/ShutterstockJPMorgan Chase Bank is another one of the major financial institutions included in the OCC's weekly bulletin. However, it's limited to just a single closing in New York City at 42 Broadway.
Best Life has reached out to Chase for comment on its list of planned closures, and we will update this story with its response.
Other major banks are shedding locations, too.
ShutterstockThe upcoming closures aren't limited to the previously mentioned banks. Others are scaling back as well, including U.S. Bank, which will shutter nine locations across seven states.
Capital One bank will also shutter a pair of locations in Virginia, according to the OCC bulletin. KeyBank is closing a single location in Bellevue, Washington. And Huntington will close four locations, including a pair in Illinois, one in Michigan, and another in Minnesota.
