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PNC ranks as most active bank branch closer in June

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PNC ranks as most active bank branch closer in June

US banks shuttered 162 branches and opened 43 in June, bringing the total number of bank branches at the end of the month to 77,968.

There were 119 net closings in the month, down from 227 in May and the trailing 12-month average of 135, according to S&P Global Market Intelligence data.

PNC leads net closers

PNC Financial Services Group Inc. ranked as the most active net branch closer in June as it shuttered 46 branches without opening any.

"We have grown our PNC branch footprint over the past five years — by building out new branches and through acquisitions — while total industry branches have declined. At the same time, we also make decisions to close branches as customer needs evolve," a company spokesperson told Market Intelligence.

Wells Fargo & Co. was the second most active net closer, with 29 closed branches and zero openings. Wells Fargo cut the number of branches by 4% and branch staffing by 10% from a year earlier, CFO Michael Santomassimo said on the company's second-quarter earnings call.

"We continue to reduce the underlying cost to run the business as customers migrate to digital, including mobile," the executive said.

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Banco Santander SA took the No. 3 spot with 14 closings, followed by Columbia Banking System Inc. with 11 closings.

Columbia Banking consolidated 47 branches over a four-week period in May and June, Torran Nixon, the president of commercial banking at Columbia Banking unit Umpqua Bank, said on the company's second-quarter earnings call. Columbia Banking and Umpqua Holdings Corp. completed their merger Feb. 28.

"An extensive planning process, [the] proximity of existing Umpqua Bank branches to locations that were closed, and the outstanding customer service provided by our teams contributed to our ability to execute consolidations without disrupting our customers or impacting accounts in any discernible way," Nixon said.

U.S. Bancorp, the largest contributor to shuttered branches in May, ranked fifth in June after closing 10 branches. JPMorgan Chase & Co. was also part of the list with nine closed branches and three opened.

During the month, Seacoast Banking Corp. of Florida consolidated five branches in the South Florida market, according to the company's second-quarter earnings release. The consolidation was part of the integration of Professional Holding Corp., which Seacoast acquired Jan. 31.

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Closings in the Northeast

The Northeast region booked the largest number of net branch closings in June at 45, followed by the West at 36. The Southeast region was No. 3 with 24 net closings.

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California books most closings

On the state level, California logged the most net branch closings at 22. Virginia landed in the second spot with 13 net closings, and Florida was third with 11.

Montana had the most net openings at three. Georgia and Louisiana followed with two net openings each.

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