US banks closed 96 branches and opened 71 in August, bringing the total number of active bank branches at the end of the month to 77,951.

There were 25 net branch closings in the month, down from the trailing-12-month average of 95, according to S&P Global Market Intelligence data. The slowdown came as banks continued to strike a balance between reducing branches and increasing digital adoption after slashing their branch footprints in 2020, 2021 and the early part of 2022.

PNC tops net closers list

PNC Financial Services Group Inc. was the most active net branch closer in August, with 26 branches shuttered, mostly in Maryland, and two opened. Over the last 12 months, the company logged 246 branch closings and 18 openings.

M&T Bank Corp. nabbed the No. 2 spot among net branch closers in August as it closed 13 branches, followed by Wells Fargo & Co. with 12 branches shuttered. The companies did not open new branches in August.

Bank of America Corp. closed 12 branches and opened seven during the month. In June, the company announced it will start a multiyear retail banking expansion across nine new markets and four new US states: Nebraska, Wisconsin, Alabama and Louisiana.

Even though BofA deployed new branches, its number of branches declined to about 3,800 from 3,900 in the last year amid an increase in digital activity, Chairman, CEO and President Brian Moynihan said on the company's second-quarter earnings call.

"The branch system has ... come down a slope and that slope is starting to flatten out. But in that slope is a massive reinvestment in rehabs and a massive opening. And then more and more deposits over top of that, which keeps that efficiency going," Moynihan said.

New York Community Bancorp Inc. closed three branches in the month — one in New York, one in San Francisco and one in Durham, NC.

The company still has to deal with "some of the assets that are going to be sold in the market [and] are attached to the core franchise" of Signature Bank, specifically branches, President and CEO Thomas Cangemi said on the company's second-quarter earnings call. New York Community Bancorp acquired substantially all the deposits and certain loan portfolios of failed Signature Bank in March.

On the other hand, JPMorgan Chase & Co. was the most active net branch opener in August, opening 11 branches and closing five.

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Closings in the Northeast

For the third consecutive month, the Northeast region booked the largest number of net branch closings with 30. The Southeast and the West followed with two net closings each.

Meanwhile, the Midwest region logged the most net branch openings with eight.

Maryland logs most closings

On the state level, Maryland recorded the most net branch closings in August with 17, followed by Connecticut with 10. California ranked third with eight net closings.

Illinois posted the most net branch openings during the month with five. Tennessee and Utah landed in the second spot as they booked four net openings each.