Bank closures continue to dominate headlines in the United States as several financial institutions announce significant reductions in their branch networks.
Recently, major companies such as Wells Fargo, TD Bank Chase, and Citibank have revealed closures of some of their branches, with the West Coast experiencing the most notable impact. The trend highlights a shift in banking strategies as institutions adapt to changing consumer behaviors and economic conditions.
Last week, the Office of the Comptroller of the Currency (OCC) reported that TD Bank and Wells Fargo are among the major banks leading this wave of closures. According to the OCC’s latest bulletin, TD Bank plans to shut down at least 20 locations across the U.S. This includes branches in northeastern states such as New York, Vermont, Philadelphia, Maine, and South Carolina.
Wells Fargo has also announced the permanent closure of eight branches in various states, including Florida, California, Georgia, Nevada, and North Carolina. These closures are part of a broader trend that has seen other significant players like Bank of America, Citibank, Liberty Bank, and Capital One also closing branches in states like California, New York, and Michigan.
Chase Bank is on the list as well, with several branch closures scheduled for this year, although specific locations and dates have not yet been disclosed.
The wave of bank closures is not a new phenomenon in the U.S. financial landscape. Since early 2024, Bank of America has announced the closure of 50 branches throughout the country. While not all planned closures have been executed yet, company executives have stated they will continue throughout the current year.
As banks streamline their operations and focus more on digital banking services, customers are encouraged to adapt to online platforms for their banking needs, though this transition raises concerns about accessibility for those less familiar with digital services.