11 Nov, 2021

US banks close 263 branches, open 67 in October

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By Umer Khan


U.S. banks and thrifts opened 67 branches and permanently closed 263 in October, leaving 81,262 active branches as of Oct. 31, according to S&P Global Market Intelligence data.

Over the last 12 months, the industry has closed 4,497 branches and opened 1,110. Huntington Bancshares Inc. was by far the largest net closer of the month, with 91 closures and zero openings. Over the last 12 months, Huntington closed 183 branches across the U.S., mainly in Michigan, as part of a 188-branch consolidation plan following its acquisition of TCF Financial Corp.

Bank of America Corp. and Wells Fargo & Co. were the second- and third-largest net closers, with 18 and 16 net closures, respectively.

Toronto-Dominion Bank led the country with six net openings in October, followed by Fifth Third Bancorp with four. Over the last 12 months, TD has opened seven branches and closed 83, led by 15 closures in New York, 14 in Florida and 13 in New Jersey.

JPMorgan Chase & Co., after being the largest net opener in September, closed 26 branches in October and opened 13.

Michigan, New York and Ohio had the most net closures in October, with 78, 32 and 13, respectively.

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Click here to access a template containing bank branch openings and closings for October 2021.