Over 60 major bank branches filed to close in the same week earlier this month, as banks continue to close physical locations in favor of expanded online banking.
According to information posted by the United States Office of the Comptroller of the Currency, 64 total bank branches filed for closing between Nov. 12 and 18.
ZeroHedge reported that the bank with the highest amount of reported closings was PNC Bank, which is America’s sixth-largest bank. PNC filed paperwork to close 19 bank branches in Pennsylvania, Illinois, Alabama, Indiana, New Jersey, Texas, Florida, and Ohio as the banking giant continues to cut costs.
As part of PNC’s second-quarter earnings call, PNC CEO William Demchak explained the bank is “going to take a hard look” at how the company can “generate savings” without forcing the bank to cut its potential for future growth.
During PNC’s third-quarter earnings call, the company announced that it would be cutting roughly 4% of its current workforce. While PNC has already closed dozens of bank branches this year, The Daily Wire reported that the bank is pushing for $725 million in expense cuts over the next year.
READ MORE: 20,000 jobs cut at major banks, more layoffs expected
According to Zero Hedge, the second most bank closing filings during the week of Nov. 12 came from JPMorgan Chase, as the bank filed to close 18 branches in states such as Ohio, New York, and Connecticut.
Additionally, Citizens Bank filed paperwork to close eight branches, U.S. Bank filed to close seven locations, Bank of America filed to close five locations, and Citibank filed to close two branches.
Finally, Aroostook County Federal Savings & Loan Association, Sterling, Bremer, Windsor Federal Savings & Loan Association, and First National Bank of Hughes Springs filed to close one bank branch each.
The Daily Wire reported that one of the main causes of bank branches closing across the country is the increase in online banking. The National Community Reinvestment Coalition reported that roughly 7,500 bank branches closed between 2017 and 2021, representing 9% of all physical bank branches. Zero Hedge also shared information obtained from S&P that showed a net total of 2,054 bank branch closings last year.
