Major banks continue to close branches in Texas.
Major banks continue to close branches in Texas.
Each week, the Office of the Comptroller of the Currency (OCC) releases a bulletin of banks set to close, and the list continues to grow. Several more Texas bank locations have been recently added to the list this week.
New additions to the Texas bank closure list
- JP Morgan. 1200 Clear Lake City Blvd, Houston
- JP Morgan. 3103 FM 528 Friendswood
- Home Bank. 12941 Gulf Freeway, Houston
- Home Bank. 251 West Medical Center, Webster
Banking deserts
According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
One report states, "If the trend of current bank branch closings continues, there may be no bank branches left in 10 years."
As banks continue to close, there is a fear that this could lead to banking deserts in some communities.
According to CNBC:
"The consolidation of bank branches is also creating “banking deserts,” when communities are without access to a bank or credit union within 10 miles. Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap."
Texas Bank Locations Closed in August
- Wells Fargo. 1155 Union Circle, 2ND FL RM 222, Denton.
- Wells Fargo. 315 S. Hampton, Dallas.
- Wells Fargo. 200 West Kennedale Parkway, Kennedale.
- Wells Fargo. 3601 Highway 6, Sugar Land.
- Bank of America. 2600 Citadel Plaza Drive, Suite 100, Houston.
- Bank of America. 1051 Flower Mound Rd, Flower Mound.
Texas Bank Locations Closing in September
- Wells Fargo. 700 Jackson, Richmond
- Wells Fargo. 14999 Preston Rd, Building F, Dallas
- Verabank. 1100 Williams Dr, Georgetown
- Amerant Bank. 12145 FM 1960 West, Houston
- Wells Fargo. 3580 Frankford Rd, Dallas
- Wells Fargo. 1200 Flower Mound Rd, Flower Mound
- JP Morgan. 213 W Greens Rd, Houston
- Wells Fargo. 2824 Hillcroft St, Houston
- Bank of America. 9660 Hillcroft St, Houston
Texas Bank Locations Closing in October
- Wells Fargo. 1420 West Mockingbird Lane, Dallas
- JP Morgan Chase. 16802 El Camino Real, Houston
- Capital One. 2301 E. Riverside Dr, Austin
- Capital One. 2910 S. Lakeline Blvd, Cedar Park
- Wells Fargo. 11152 S. Gessner Dr, Houston
- Woodforest NB. 80 Uvalde, Houston
- JP Morgan. 14114 Dallas Parkway, Dallas
Texas Bank Locations Closing in November
- Wells Fargo. 1420 West Mockingbird Lane, Dallas
- JP Morgan Chase. 16802 El Camino Real, Houston
- JP Morgan. 1200 Clear Lake City Blvd, Houston
- JP Morgan. 3103 FM 528 Friendswood
- Home Bank. 12941 Gulf Freeway, Houston
- Home Bank. 251 West Medical Center, Webster
Your thoughts
Do these branch closures affect you? Will you move to online banking? Will you switch to a credit union? Should branches stay open for people who prefer to conduct their banking in person? Do you have confidence in your local bank? What can the government do to keep more banks open?
Please leave your thoughts in the comment section below and share this article on social media and with others so more people can join the discussion.
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