US Bank closes seven branches in just one week and Bank of America shutters six - is YOURS affected?

Banks last week announced they would shutter 15 branches across the US, continuing the trend of abandoning their bricks-and-mortar locations. 

US Bank led the way with plans to close seven branches.

Bank of America will shut six of its locations and Chase a further two. 

In the week July 1 to July 8, banks informed the Office of the Comptroller of the Currency (OCC) that a total of fifteen branches will be shuttered. 

The closures were announced across Illinois, New Jersey, California and Wisconsin among other states. Scroll down for the full list with addresses.

Bank of America filed to close six locations across the country in the first week of July

Bank of America filed to close six locations across the country in the first week of July

In the same period retail banks opened thirteen branches, meaning there was a net loss. 

The trend of banks closing their in-person branches is set to continue as they commit more and more to online services. 

National banks have closed more than 400 of their branches so far in 2024.

Each week, banks must tell the Office of the Comptroller of the Currency (OCC) of branches openings and closures.

The last year in which the number of branches in the US increased was 2011, when there were more than 85,000 throughout the US, according to FDIC data. Since then the number has dropped steadily to about 70,000.

Most national banks like US Bank, Bank of America and Wells Fargo have become increasingly confident that online banking can meet most customers' needs.

Closures can lead to significant savings. The average freestanding branch costs $2.6 million a year to run, according to Bancography, an Alabama-based consulting firm that advises banks.

Steven Reider, the founder and president of Bancography, previously told DailyMail.com that 'banks are willing to close a branch that isn't really overlapping any other branch on the gamble that customers are willing to drive a little bit further.'

'I think Bank of America has leaned into that more than the other large banks have,' he added.

Reider also noted that Bank of America's merger history has meant it ended up with branches in rural locations - yet the industry is undergoing 'a rural to urban conversion'.

'Every census since 1910 has shown a greater proportion of Americans living in in urban areas than the preceding census, so as we become an increasingly urbanized country the demand in these legacy rural markets just fades away,' he said.

Ultimately, banks are looking to consolidate the markets they are already in, and that involves placing more focus on dominating in a handful of cities.

Chase filed to close two branches in the first week of July

Chase filed to close two branches in the first week of July

For example, Chase is moving into Kansas City with force, Fifth Third is making similar moves into Charlotte and PNC is targeting Austin.

Though the number of bank branch closures started to ramp up through the 2010s, it was exacerbated by the pandemic, which kept people at home.

In 2023, more than 1,500 bank branches were shut for good, with California and the Midwest worst-hit.

See the boxes below for the latest closures and links to all weekly announcements this year.

Branch Closures (July 1 - July 8)
Bank City State Location
JPMorgan Chase MITCHELLVILLE MD 10200 LAKE ARBOR WAY
JPMorgan Chase SAN YSIDRO CA 4319 CAMINO DE LA PLAZA
Bank of America ANNA OH 312 W Main Street
Bank of America CHICAGO IL 3033 NORTH PULASKI ROAD
Bank of America CARLYLE IL 12TH & MULLIKIN STS
Bank of America EDISON NJ 159 WOOD AVENUE
Bank of America HARTFORD SD 103 SOUTH MAIN STREET
Bank of America GALENA IL 953 GEAR ST
U.S. Bank KANSAS CITY MO 8750 BLUE RIDGE BOULEVARD EXTENSION
U.S. Bank MARSHFIELD MO 759 WEST JACKSON
U.S. Bank WASHINGTON DC 700 13th Street, N.W.
U.S. Bank CHICAGO IL 2639 NORTH MILWAUKEE AVENUE
U.S. Bank WAUTOMA WI 450 E Main Street
U.S. Bank LAS VEGAS NV 901 SOUTH RANCHO LANE, SUITE 1
U.S. Bank TIPTON IA 102 E 5TH ST
Branch Openings (July 1 - July 8)
Bank City State Location
JPMorgan Chase Bank North Little Rock AR NWC of John F. Kennedy Boulevard (Hwy 107) and School Drive
JPMorgan Chase Bank Charlotte NC SWC of Fairview Road and Sharon Road (aka State Route 3600)
JPMorgan Chase Bank Mountain Brook AL NEC of Cahaba Road and Culver Road
JPMorgan Chase Bank Lincoln NE SEC of South 66th Street and E O Street (US 34)
First NB of Pennsylvania Durham NC 1050 Yunus Road
First NB of Pennsylvania Summerville SC 1307 N Main St
First NB Texas Gallup NM 1650 W. Maloney Ave
JPMorgan Chase Bank Annandale VA NWC of John Marr Drive and Tom Davis Drive
JPMorgan Chase Bank Falls Church VA NWC of Leesburg Pike (aka West Broad Street) & Haycock Road
JPMorgan Chase Bank Salt Lake City UT SWC of 2100 South and 900 East
Pacific Miami FL 13101 SW 89th Place, Suite 107
Fifth Third Bank Parrish FL 11605 Moccasin Wallow Rd
Bank of America Oak Park Heights MN 5990 Nova Scotia Avenue North

ALL THE US BRANCH CLOSURES ANNOUNCED IN 2024 

Click on the links below - each article has the full list of closures for that time period

In January and February,  banks closed 222 branches

US Bank filed to shut 19 branches  between February 25 and 9

Wells Fargo filed to close eight branches between March 10 and 16

PNC, Citibank, Bank of America and Wells Fargo behind 20 branch closures between March 17 and 23

US banks had more openings than closures over a week (March 24 to March 30) for the first time in 2024

US Bank closes ten branches while Bank of America shuts three in the week from March 31 to April 6

TD Bank, Wells Fargo, Bank of America and Chase shut a total of 36 branches between April 7 and 13 

Bank of America, PNC, Citizens and Chase behind latest branch closures from April 14 to 20 

Wells Fargo, Chase and Bank of America among US banks to shutter 79 branches between April 20 and June 1 

Bank of America, Chase and Woodforest among banks to close 51 branches between June 2 to June 23

Wells Fargo closes eight branches in just ONE week: June 24 to June 30