Major US banks have shuttered more than 100 locations in just three weeks as the trend of local branch closures continues to escalate.
Between January 12 and February 6, banks filed notices to shut down 107 locations, with experts cautioning that 2025 may witness an even steeper decline in branch availability.
US Bank, Wells Fargo, and PNC were among the financial institutions that notified the Office of the Comptroller of the Currency (OCC) about their planned closures.
The OCC publishes these filings in a weekly report, which serves as an indication of intent rather than a final confirmation of closure.
Leading the wave of shutdowns, US Bank announced 31 closures, followed by Wells Fargo with 26. Other banks filing closure notices included Fulton Bank with 15, PNC with 10, Huntingdon with 8, Bank of America with 5, and Chase with 2.
In 2023, a total of 1,043 branches were closed, leaving many communities with limited access to banking services. According to a study by Self Financial, the rate of closures is expected to accelerate in 2025, with projections indicating a further 4.11 percent decrease by year’s end.
“Retail bank closures in the US aren’t slowing, and in fact, our research shows that the last time this many people relied on a local bank branch was in 1995,” said Darren Kingman from Root Digital, who contributed to the Self Financial study.
“There’s no doubt we’re moving towards a cashless society, but this increase in people per bank branch and the fact that over 200 million Americans still make cash deposits will only mean longer wait times in banks and potentially a lower overall customer experience,” Kingman explained.
Despite the digital shift, 45 percent of Americans still prefer in-person banking, according to a survey by GoBankingRates.
“The shift towards online banking is growing more intense in 2025,” said Andrew Murray, lead data content researcher at GoBankingRates.
“Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,” Murray added.
“Meanwhile, a whopping 76 percent say that the current banking system needs small or major changes.”
Chase, which ranked among the top five banks for closures in 2024, shut down 103 branches that year. Meanwhile, new research suggests that the last physical bank branch in the US could close by 2041, based on the current rate of net closures, which has averaged 1,646 per year since 2018.
While many customers have transitioned to online banking, physical branches remain vital for certain services. Older clients, in particular, often struggle with mobile banking, and nearly two-thirds of Americans still use physical branches for cash deposits. Additionally, more than half of customers visit branches to speak with an in-person adviser, according to the report.
“Clients’ banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms and a desire for greater simplicity,” a spokesperson for US Bank told DailyMail.com.
“As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets. Although we are closing some branches, we continue to open and enhance others, as well as rapidly enhancing our digital capabilities.”
Wells Fargo expressed a similar stance in a statement to DailyMail.com.
“Branches continue to play an important role in the way we serve our customers in combination with our mobile app, online website, and ATMs,” a spokesperson for the bank said.
“As we optimize our branch network, we are focused on evolving our branch presence based on customer usage and the changing traffic patterns and retail landscape to best meet the banking needs of each community we serve.”
