Major Banks, Including Wells Fargo, Are Closing Even More Branches
These are just the latest closures reported to the Office of the Comptroller of the Currency.
Closing bank branches isn't necessarily surprising news, as more and more customers now rely on the convenience of online banking. But the rate at which banks are shuttering locations may seem slightly concerning, as several major banks recently announced closures, including PNC, Santander, and Wells Fargo. Now, there are more banks paring down their locations, and your local branch could be affected. Read on to find out about the latest bank closures.
Wells Fargo announced another 17 closures.
According to the April 29 weekly bulletin from the U.S. Office of the Comptroller of the Currency (OCC), several major banks are closing locations in the coming months—but Wells Fargo is leading the pack.
Per the most recent bulletin, Wells Fargo has plans to close an additional 17 branches in 12 states: Washington, Arizona, Georgia, Iowa, Minnesota, Wisconsin, Nevada, Utah, Connecticut, Virginia, New Jersey, and Texas.
Per OCC guidelines, banks are required to provide at least 90-day notice ahead of bank closures, and as these branches were identified at the end of April, the earliest that they could close is in late July.
These closures are just the latest to be reported.
Over the past several months, Wells Fargo informed the OCC about dozens of closing branches. In fact, since early February, the bank has notified the agency about roughly 100 closing branches, with closures listed in separate bulletins.
"Branches continue to play an important role in the way we serve our customers," a company spokesperson previously told Best Life about the bank's branch strategy. "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."
Best Life reached out to Wells Fargo regarding the recently announced closures, but they did not have additional comments beyond the previously provided statement.
A handful of JPMorgan Chase branches are on the chopping block, too.
Wells Fargo isn't alone in closing banks, however, as JPMorgan Chase also informed the OCC of plans to close three branches, per the April 29 bulletin. The closing locations are in Flushing and Great Neck, New York, and Northridge, California. A company spokesperson told Best Life that the Flushing location has been relocated to a nearby site in the same neighborhood, and the Great Neck and Northridge branches were consolidated due to their proximity to other Chase branches.
"We continue to invest in our branch network to deliver experiences and services our customers love. Enhancing our branch network sometimes includes consolidating or closing branches," the spokesperson said in a statement. "The majority of branch closures are within two miles of the nearest branch. We continue to open branches—in 2021, Chase became the first and only bank to have branches in all lower 48 states, with almost 5,000 branch locations."
Per the bulletin, other big banks are also closing individual locations in the coming months, including Bank of America and Fidelity Bank, which are shutting down branches in Hoboken, New Jersey, and Wichita, Kansas, respectively.
Santander Bank and PNC also have closures on the docket.
Santander is also axing locations this summer, shuttering 17 branches in Massachusetts, according to the April 22 weekly bulletin.
In a company statement previously provided to Best Life, Santander said, "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."
PNC's closures are more widespread, as the bank is shutting down another 30 branches in seven states—Virginia, Texas, Maryland, Ohio, Florida, Alabama, and Illinois—per the April 22 OCC bulletin. In a statement previously provided to Best Life, PNC confirmed that the locations will shut down on July 21.
The PNC spokesperson noted that the decision to close the additional 30 branches was made following a review process.
"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," the spokesperson said.
In total, PNC is closing over 200 locations this year, by the Pittsburgh Business Times' calculations.
- Source: https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2023/wb-04232023-04292023.pdf
- Source: https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2023/index-weekly-bulletin-2023.html
- Source: https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2023/wb-04162023-04222023.pdf