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IPFS News Link • Central Banks/Banking

Wells Fargo shutters TWELVE branches in a week while Bank of America axes five amid...


American banks filed to close 30 branches last week leaving yet more households without access to basic financial services.

Wells Fargo shuttered twelve locations while Bank of America axed five, according to a weekly bulletin published by regulator the Office of Comtroller of the Currency. 

Meanwhile Citizens Bank shut down four branches between December 3 and 9. Chase, Webster, Key Bank, Bank First and First National Bank of Waverly also announced a raft of closures. 

The figures come amidst a widespread 'banking bloodbath' which saw firms ax more than 1,000 branches in the first seven months of the year.

Of the latest round of Wells Fargo closures, two were based in Florida, two in New Jersey and two in Texas. Others to be affected were located in CaliforniaDC, Georgia, IowaVirginia and Washington.

Meanwhile four Bank of America branches being axed were located in Florida while another was based in California. The company had 5,400 branches in 2013 and around 3,800 this year, according to BankRegData.

The closures were off-set slightly by the fact banks applied to open seven new branches. Wells Fargo, for example, is set to open a new location in Huntington Station, New York.

In the first half the year - between January 1 and July 31 - a total of 1,144 national and regional banks were closed, according to data from S&P.

And the picture varies widely across the country. While California had the most closures in absolute terms, New Jersey suffered the greatest losses per capita with a total of 83.