The following report is by Daily Mail:
Banks this year are continuing to shut costly brick-and-mortar locations as the industry increasingly favors online banking.
Citizens Bank filed to close 17 branches in the second week of January, according to a bulletin published on Friday by its regulator, the Office of the Comptroller of the Currency (OCC).
Those closures are scheduled in Massachusetts, Michigan, New Hampshire, New Jersey, Ohio and Pennsylvania. It is a continuation of the bank’s strategy last year, during which it notified the OCC of more than 80 closures.
And Bank of America indicated it would shut 11 branches throughout the Southeast and Southwest that week.
It too has a strong record of closing in-person banking locations. Last year it shuttered 157 and only opened 34.
Capital One said it would shut four branches – all of which were in New York State.
A smattering of other banks said they would close branches. They were Wells Fargo, Huntington National Bank, Landmark National Bank, First Federal Savings & Loan, and Pikes Peak National Bank.
Though Huntington closed one branch it said it would open three branches – two in Colorado and one in North Carolina.
Chase continued its trend of opening more branches than it closes. In 2023, it closed 157 but opened 195.
Last week it did not file for any closures and said it would open two branches – in Tennessee and California.
| Bank | City | State | Location |
|---|---|---|---|
| Bank of America, NA | Tempe | AZ | 5000 South Arizona Mills Court |
| Bank of America, NA | Chandler | AZ | 3111 W Chandler Boulevard |
| Bank of America, NA | Glendale | AZ | 7700 West Arrowhead Towne Center |
| Bank of America, NA | Martinez | CA | 1175 B Arnold Drive |
| Bank of America, NA | Rancho Cucamonga | CA | 12434 North Main Street |
| Bank of America, NA | Fort Lauderdale | FL | 2414 East Sunrise Boulevard |
| Bank of America, NA | Coral Springs | FL | 9469 West Atlantic Boulevard |
| Bank of America, NA | Lakeland | FL | 3800 Us Highway 98 N |
| Bank of America, NA | Atlanta | GA | 3393 Peachtree Road, NE |
| Bank of America, NA | Atlanta | GA | 4400 Ashford Dunwoody Road |
| Bank of America, NA | Henderson | NV | 1300 W Sunset Road |
| Capital One, NA | New York | NY | 991 Third Avenue |
| Capital One, NA | New York | NY | 470 Park Avenue South |
| Capital One, NA | New York | NY | 347 Sixth Avenue |
| Capital One, NA | New York | NY | 1166 Avenue Of The Americas |
| Citizens Bank, NA | Wilbraham | MA | 455 Main Street |
| Citizens Bank, NA | Boston | MA | 560 Commonwealth Avenue |
| Citizens Bank, NA | Grosse Pointe Woods | MI | 19307 Mack Avenue |
| Citizens Bank, NA | Manchester | NH | Meeting Place Route 101 |
| Citizens Bank, NA | Goffstown | NH | 605 Mast Road |
| Citizens Bank, NA | Lawrenceville | NJ | 669 Whitehead Rd |
| Citizens Bank, NA | Atlantic Highlands | NJ | 1000 Hwy 36 |
| Citizens Bank, NA | Howell | NJ | 4255 US Highway 9 |
| Citizens Bank, NA | Uniontown | OH | 3875 Massillon Road |
| Citizens Bank, NA | Massillon | OH | 115 Tommy Henrich Nw |
| Citizens Bank, NA | Akron | OH | 3979 Medina Road |
| Citizens Bank, NA | Greensburg | PA | 5142 State Rt. 30, Suite 1 |
| Citizens Bank, NA | Pittsburgh | PA | 5301 Grove Rd, Suite 2 |
| Citizens Bank, NA | Shippensburg | PA | 153 West Orange Street |
| Citizens Bank, NA | Philadelphia | PA | 11000 Roosevelt Boulevard |
| Citizens Bank, NA | Warminster | PA | 824 East Street Road |
| Citizens Bank, NA | Paoli | PA | 39 Leopard Drive |
| First FS&LA | Sandusky | OH | 207 West Washington Row |
| Huntington NB | Pittsburgh | PA | 650 Smithfield St. |
| Landmark NB | Overland Park | KS | 8101 West 135th Street |
| Pikes Peak NB | Fountain | CO | 6615 Camden Boulevard |
| Wells Fargo Bank, NA | San Francisco | CA | 1335 Webster Street |
The number of bank branches in the US peaked at over 85,000 in around 2011. Over the last 10, years it has shrunk by approximately 13,000, according to a combination of data from the FDIC and the OCC.
The Covid pandemic catalyzed the already-rapid uptake of online banking and although 2020 saw the sharpest decline in the number of branches, closures have continued.
‘The trend for the future is more consolidation of branch locations but branches are not going away,’ Greg McBride, chief financial analyst for Bankrate.com, told DailyMail.com last week.
‘There are still going to be to bank operations, as a center for consultation or as a sales floor, but they are used less and less for routine transactions, which are increasingly done digitally,’ he said.
According to a DailyMail.com analysis of OCC data, banks last year closed branches in California and the Midwest faster than anywhere else.
Dozens filed notices to close a total of 1,566 branches. In contrast, they only notified the regulator of plans to open 472.
AUTHOR COMMENTARY
This trend of banks shuttering branches is only going to be a drop in the sea, as in 2024 and 2025 I strongly believe that were are going to see new tidal waves of banking closures and collapses, and the public, like always, will be the ones forced to eat the crunch.
SEE: Banking Bust: Major Banks Close Thousands Of Branches Nationwide As More Signs Of Collapse Grow
Banking Bust: Moody’s Downgrades Credit Ratings Of JP Morgan-Chase, Wells Fargo, And Bank Of America
Collapse: Western Banks Combined Cut 60,000 Workers In 2023, Worst Since 2008
As I have continued to harp on since The WinePress began, you need to de-bank and be your own bank. This means pulling out your money from these institutions would be prudent for you, and keep it somewhere safe or under your mattress. Only keep the necessary amounts in these banks, credit unions, and payment apps just so you can pay bills, make online purchases, and run a business, but just make sure your exposure is low. If you have a ton of money you are looking to protect, then perhaps gold and silver, and other precious metals, might be a prudent decision for you to make, though nothing is certainly ever fool-proof. The point is, take evasive action and do the best you can to protect yourself.
He that putteth not out his money to usury, nor taketh reward against the innocent. He that doeth these things shall never be moved.
Psalm 15:5
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Yes. I going to start buying more gold and silver.
People who have direct deposit HAVE to keep their money in there, unless they take it out the same day their workplace or disability or social security deposits it into their account plus we get used to having our bills paid by the businesses taking it out of our account., but they can take their savings out and put it under their pillow and just keep enough in to pay bills, as you said, Mr. Thompson. Thanks for the advice.