America’s bank branch bloodbath laid bare: New Jersey sees highest proportion of bank closures of any US state – as firms like Wells Fargo and PNC abandon more than 1,000 locations. Is YOUR branch affected?
1,144 banks closed branches across the U.S. in the between January and July
National banks including PNC and Wells Fargo were among the worst offenders
Growing numbers of Americans are being left without access to basic financial services as banks have axed more than 1,000 branches this year, DailyMail.com can reveal.
Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – and firms are pulling out of some areas at a faster rate than others.
While California had the most closures in absolute terms, New Jersey suffered the greatest losses per capita with a total of 83. It was trailed by Washington D.C. and Connecticut. Vermont was the only state to have not lost a single bank branch.
The latest spate of closures brings the total since 2019 to 10,680. A handful affected small regional banks but nationals including Wells Fargo, Chase and U.S. Bank represented the bulk.
Although the onslaught on brick-and-mortar branches is ongoing, it may be slowing. In 2022 there were a total of 3,066 – nearly thrice the number to have been culled in seven months this year. Banks had a total of 78,121 active branches across the country as of the end of May, according to S&P.