latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/us-banks-close-240-branches-open-43-in-december-2020-62037833 content esgSubNav
In This List

US banks close 356 branches, open 90 in December 2020

Blog

Banking Essentials Newsletter: September 18th Edition

Loan Platforms: Securing settlement instructions and prioritising the user experience

Blog

Navigating the New Canadian Derivatives Landscape: Key Changes and Compliance Steps for 2025

Blog

Getting an Edge with Services: Driving optimization by embracing technological innovation


US banks close 356 branches, open 90 in December 2020

U.S. banks and thrifts opened 90 branches and permanently closed 356 during December 2020, according to S&P Global Market Intelligence data.

Over the course of 2020, U.S. banks and thrifts closed 3,324 branches and opened 1,040, leaving 83,991 active branches as of Dec. 31, 2020.

Warren, Pa.-based Northwest Bancshares Inc. led the nation with 44 net closures last month, followed by Wells Fargo & Co. with 32 net closures. Wells Fargo closed a total of 33 branches in December and opened one.

Indiana, Pa.-based First Commonwealth Financial Corp. closed a net 29 branches in December as it seeks to consolidate 20% of its branch network, according to the company's third-quarter 2020 earnings call.

Pennsylvania led the nation with 46 net branch closures in December, followed by Illinois with 38.

SNL Image

SNL Image

SNL Image

SNL Image

Click here to access a template containing bank branch openings and closings for December 2020.