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Many major banks are closing down their physical branches in favor of digital offerings, a process that was accelerated during the pandemic as online banking became a necessity rather than a convenience. The trend has continued since then.
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In the first quarter of 2024, the US banking industry recorded 229 net branch closings, up from just 59 a quarter earlier, according to S&P Global Market Intelligence data. That comes off of more than 2,400 bank branch closures in 2023 — still a sizable figure, but a considerable slow down from what S&P called “record-shattering” closures during the pandemic.
“Banks have recognized that their physical footprint does not need to be as large today,” Nathan Stovall, head of financial institutions research at S&P Global Market Intelligence told The Wall Street Journal. “As revenue pressures persist, banks likely will continue to shrink branch networks.”
It’s not all doom and gloom, though: PNC and JPMorgan Chase have both embarked on efforts to add branches, particularly serving smaller cities and less connected communities within the U.S.
And it’s likely that the closures won’t continue forever: As large banks get rid of overlaps in their service and pare down their offerings, “the opening-to-closing ratio of branches will continue to flatten over time,” Paul Davis, CEO of advisory firm Bank Slate, said.
Take a look at how many locations some of the biggest U.S. banks still have to offer.
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9. Capital One
McLean, Virginia-based Capital One has 259 branches and 56 café style locations nationwide, as well as more than 80,000 fee-free ATMs. Although it’s among the biggest U.S. banks, Capital One is largely considered a primarily online bank given its preference for digital offerings.
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8. Citi
Citibank has nearly 650 U.S. branch locations across its six core markets, which include New York, Washington, D.C., Miami, Chicago, San Francisco, and Los Angeles.
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The New York-based bank — the third-largest U.S. bank by assets — also has over 65,000 surcharge-free ATMs nationwide.
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7. Citizens Financial Group
Providence, Rhode Island-based Citizens has approximately 1,100 branches in 14 states in the New England, Mid-Atlantic, and Midwest regions, and 3,400 ATMs.
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6. Truist Bank
Truist has more than 1,900 physical locations and over 2,900 ATMs nationwide, according to the bank’s website. The Charlotte, North Carolina-based bank is considered one of the top 10 commercial banks in the country.
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5. U.S. Bank
U.S. bank has more than 2,000 branches in 26 U.S. states, according to its website. The Minneapolis-headquartered bank ranked second out of all the banks in 2023 for bank closures, shuttering a net 224 branches that year, according to S&P.
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4. PNC Bank
PNC Bank has more than 2,200 branches and approximately 60,000 PNC and partner ATMs across the country. It had the third-highest count of net closures last year, with 223.
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But it’s one of the few banks looking to expand its physical presence: The Pittsburgh-based bank has committed about $1 billion toward opening over 100 new locations through 2028 and renovating some 1,200 existing branches.
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3. Bank of America
Bank of America operates approximately 3,900 financial centers across the U.S. and roughly 15,000 ATMs. The bank planned to open more than 55 new branches last year, as well as continue to expand its presence in several major markets across the country through 2026.
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In the first quarter of this year, however, it had 40 net closings — the second-highest net bank closures of the major banks.
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2. Wells Fargo
As of May, Wells Fargo had more than 4,500 branches and 12,000 ATM locations in the U.S., according to MarketWatch.
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Wells Fargo & Co. was the most active net branch closer in the first quarter, with 61 net closings — 15 of which were in California, and 13 in Florida.
Wells Fargo also led bank closures in 2023 with 293, reducing its total number of branches by 6% from a year earlier, CFO Michael Santomassimo said on the company’s fourth-quarter 2023 earnings call.
“At the same time, we have been refurbishing our branches as part of an accelerated multiyear effort to transform and refresh our full branch network,” Santomassimo said.
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1. Chase
JPMorgan’s Chase Bank has more than 4,900 active branches and 15,000 ATM locations, making it the leading U.S. bank when it comes to physical locations.
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Three years ago, it became the first bank to operate in all 48 contiguous U.S. states, and has been the most active net branch opener for the last several quarters. In the first quarter, JPMorgan had 10 net openings, and reported 37 net openings in the last 12 months.
In February, the largest U.S. bank by assets announced multi-billion dollar plans to add over 500 Chase branches by 2027, and renovate approximately 1,700 locations. The bank plans to enter a number of new markets, with a focus on “low-to-moderate income and rural communities with little access to traditional banking services,” the bank said.
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