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Major American banks closed 35 branches across the country in a single week this October, with US Bank leading the closures by shutting down 11 locations. Wells Fargo and Bank of America each closed six branches, while PNC cut five. The remaining closures were from Beverly Bank, Citizens Bank, Fidelity Bank, First National Bank of Omaha, Flagstar, and Chase.
California was the hardest-hit state, losing nine branches during the week.
The closures are part of a broader trend, with U.S. banks having closed a total of 754 locations in the first nine months of the year. If the current rate of closures continues, banks are on course to close 1,000 branches by the end of the year, according to data registered with the Office of the Comptroller of the Currency.
US Bank, which has now closed 121 locations so far this year, attributes the closures to changing client preferences and behaviors, including a rapid migration toward digital and mobile banking platforms.
A spokesperson for US Bank told The Daily Mail, "As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets."
Despite the shift towards digital banking, many customers still prefer to use physical branches for specific services. Nearly two-thirds of Americans still use a physical branch to make cash deposits, while over half use them to speak to an in-person adviser. Furthermore, 39 percent of those polled told Self Financial that they had more trust in banks with physical branches than those without.
However, Self Financial found that if the current trends continue, "physical bank branches could be extinct in the U.S. by 2041."