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US bank net branch closures accelerate in January

U.S. banks and thrifts shuttered 85 locations in January while opening just 59, making 26 net closures, according to S&P Global Market Intelligence data.

By comparison, only three net branches were closed in December 2019.

Over the last 12 months, U.S. banks and thrifts have closed 2,752 branches and opened 1,214. As of Jan. 31, there were 86,024 active branches in the U.S.

PNC Financial Services Group Inc. closed 10 branches in January and opened none, more net closures than any other bank in the country. JPMorgan Chase & Co. had seven net closures last month.

At the state level, New York recorded the most net closures at 12, with JPMorgan and Montebello, N.Y.-based Sterling Bancorp each closing three branches in the state. Pennsylvania took the second spot with eight net closures, as Shippensburg, Pa.-based Orrstown Financial Services Inc. closed five locations.

On the other end of the spectrum, Missouri and Ohio had the highest number of net openings at three each.

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Click here for an Excel document containing all U.S. bank openings and closings for January.