Closing time? Major banks quietly shutter over 100 locations
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The landscape of personal banking is undergoing a seismic shift, and it's happening right on our main streets.
In a span of just five weeks, major US banks have announced the closure of 145 branches, a move that's sending ripples through communities and raising concerns about the future of in-person banking services.
In just a five-week span, major US banks closed 145 branches, prompting concerns that entire communities may soon be without essential financial services.
Between February 7 and March 14, banks such as Chase, Bank of America, and Wells Fargo filed official notices to shut down branch locations.
This wave of closures follows another 107 branches already scheduled to shut down between January 12 and February 6, signaling a rapid acceleration in nationwide branch downsizing.
Banks are required to notify the Office of the Comptroller of the Currency (OCC) when planning to close a branch, but while these notices indicate intent to shut down, they are not always final—though in most cases, closures do proceed as planned.
The OCC publishes these notices in weekly reports, offering a preview of potential closures across the country.
Leading the most recent wave of filings, Flagstar Bank announced plans to close 44 branches, contributing to what could become the worst year for bank closures on record.
TD Bank followed closely, filing to shutter 38 locations in the same five-week period. The bank acknowledged that the “difficult decision” will result in job losses for some employees.
A TD Bank spokesperson told DailyMail.com that the company is working to minimize disruption for customers during the transition.
He said, "We are committed to making this transition as smooth as possible for customers and look forward to serving them at one of our 1000+ TD Bank locations or through our digital banking products and services."
The bank also confirmed that “some TD colleagues will be impacted by the store consolidation.”
These closures come amid ongoing fallout from large penalties tied to anti-money laundering control failures, which have continued to impact the bank's operations.
A total of TD’s branch closures—set to take effect on June 5—will span 10 states, including:
Meanwhile, Bank of America and Chase each filed to close nine branches, continuing a trend of widespread downsizing among major US banks.
Experts warn that 2025 could see an even sharper drop in physical bank locations, with predictions of a 4.11% decline over last year’s 1,043 closures.
Darren Kingman of Root Digital, who contributed to a recent Self Financial study, noted,
“Retail bank closures in the US aren't slowing, and in fact our research shows that the last time this many people relied on a local bank branch was in 1995.”
He added, “There's no doubt we're moving towards a cashless society, but this increase in people per bank branch—and the fact over 200 million Americans still make cash deposits—will only mean longer wait times in banks and potentially a lower overall customer experience.”
The continued closure of brick-and-mortar bank branches poses a unique challenge, particularly for older adults who may find it difficult to navigate mobile banking platforms. For many, traveling to out-of-town branches is also an added burden.
Despite the growing shift to digital services, a recent study found that 45% of Americans still prefer to handle their banking in person.
Andrew Murray, lead data content researcher at GoBankingRates, told DailyMail.com, “The shift towards online banking is growing more intense in 2025.”
However, he added, “Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years.”
That concern is echoed in the data, with more than half of respondents expressing worry about the continued decline of in-person banking options.
Looking ahead, a new projection by Self Financial suggests the last physical bank branch in the US could close by 2041 if current trends continue.
Source: CNBC / Youtube.
This estimate is based on an average of 1,646 net branch closures annually since 2018, highlighting the rapid pace of the industry’s digital transformation.
For those affected by the recent announcements, the full list of closures is available for review here.
Have you been impacted by a local bank closure? How are you adapting to the changes in the banking industry? Share your experiences and thoughts in the comments below!
In a span of just five weeks, major US banks have announced the closure of 145 branches, a move that's sending ripples through communities and raising concerns about the future of in-person banking services.
In just a five-week span, major US banks closed 145 branches, prompting concerns that entire communities may soon be without essential financial services.
Between February 7 and March 14, banks such as Chase, Bank of America, and Wells Fargo filed official notices to shut down branch locations.
This wave of closures follows another 107 branches already scheduled to shut down between January 12 and February 6, signaling a rapid acceleration in nationwide branch downsizing.
Banks are required to notify the Office of the Comptroller of the Currency (OCC) when planning to close a branch, but while these notices indicate intent to shut down, they are not always final—though in most cases, closures do proceed as planned.
Major US banks have closed 145 branches in a five-week period, with communities facing a reduction in vital services. Image source: BronxNet / Youtube.
The OCC publishes these notices in weekly reports, offering a preview of potential closures across the country.
Leading the most recent wave of filings, Flagstar Bank announced plans to close 44 branches, contributing to what could become the worst year for bank closures on record.
TD Bank followed closely, filing to shutter 38 locations in the same five-week period. The bank acknowledged that the “difficult decision” will result in job losses for some employees.
A TD Bank spokesperson told DailyMail.com that the company is working to minimize disruption for customers during the transition.
He said, "We are committed to making this transition as smooth as possible for customers and look forward to serving them at one of our 1000+ TD Bank locations or through our digital banking products and services."
The bank also confirmed that “some TD colleagues will be impacted by the store consolidation.”
These closures come amid ongoing fallout from large penalties tied to anti-money laundering control failures, which have continued to impact the bank's operations.
A total of TD’s branch closures—set to take effect on June 5—will span 10 states, including:
- New Jersey and Massachusetts: 6 closures each
- New York: 5 closures
- New Hampshire and Maine: 4 closures
- Pennsylvania and Florida: 3 closures
Meanwhile, Bank of America and Chase each filed to close nine branches, continuing a trend of widespread downsizing among major US banks.
Experts warn that 2025 could see an even sharper drop in physical bank locations, with predictions of a 4.11% decline over last year’s 1,043 closures.
Darren Kingman of Root Digital, who contributed to a recent Self Financial study, noted,
“Retail bank closures in the US aren't slowing, and in fact our research shows that the last time this many people relied on a local bank branch was in 1995.”
He added, “There's no doubt we're moving towards a cashless society, but this increase in people per bank branch—and the fact over 200 million Americans still make cash deposits—will only mean longer wait times in banks and potentially a lower overall customer experience.”
The continued closure of brick-and-mortar bank branches poses a unique challenge, particularly for older adults who may find it difficult to navigate mobile banking platforms. For many, traveling to out-of-town branches is also an added burden.
Despite the growing shift to digital services, a recent study found that 45% of Americans still prefer to handle their banking in person.
Source: OCC.
Andrew Murray, lead data content researcher at GoBankingRates, told DailyMail.com, “The shift towards online banking is growing more intense in 2025.”
However, he added, “Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years.”
That concern is echoed in the data, with more than half of respondents expressing worry about the continued decline of in-person banking options.
Looking ahead, a new projection by Self Financial suggests the last physical bank branch in the US could close by 2041 if current trends continue.
Source: CNBC / Youtube.
This estimate is based on an average of 1,646 net branch closures annually since 2018, highlighting the rapid pace of the industry’s digital transformation.
For those affected by the recent announcements, the full list of closures is available for review here.
Have you been impacted by a local bank closure? How are you adapting to the changes in the banking industry? Share your experiences and thoughts in the comments below!
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