Concerns Rise as California Grapples with Wave of Bank Branch Closures

Ash Jurberg

Customers Beware: More California Banks Join the List of Closures Across the State

Each week, I update readers on the bank closures around the nation. This week, another four bank branches in California have been listed to close.

Banks, notably Wells Fargo and Bank of America, continue to close locations in California, which has been hit harder than any other state.

Bank of America has listed thirty-three branches to close over the past few months, while Wells Fargo has closed ten and has eleven more to close. Across California, 282 bank branches have closed this year, the second-highest number this century, aside from 2020.

This week's additions are:

  • Wells Fargo. 101 N. Milpas St, Santa Barbara
  • Wells Fargo. 13255 Black Mountain Rd, San Diego
  • Bank of America. 2516 East Chapman Ave, Fullerton
  • Bank of America. 1401 S. Harbor Blvd, Fullerton

Banks Listed to Close in the Coming Weeks

Below is the list of banks that have closed in recent weeks or are scheduled to close soon.

  • US Bank. 1309 North Chester Ave, Bakersfield
  • Wells Fargo. 5377 West Centinela Ave, Los Angeles
  • Wells Fargo. 535 South Myrtle Ave, Monrovia
  • Wells Fargo. 1705 N First St, San Jose
  • Wells Fargo. 3550 Wilshire Blvd, Los Angeles
  • Bank of America. 90 Pier Ave, Hermosa Beach
  • Bank of America.300 Lakeside Dr, Oakland
  • JP Morgan. 25882 MC Bbean Pkwy, Valencia
  • Bank of America. 29687 The Old Rd, Castaic
  • JP Morgan. 140 West Anaheim St, Wilmington
  • Wells Fargo. 303 2nd St, San Francisco
  • Wells Fargo. Hores Parkway, Redwood City
  • Wells Fargo. 305 W. Sepulveda Blvd, Torrance
  • Wells Fargo. 7950 West Sunset Blvd, Los Angeles
  • BMO Bank. 6055 East Washington Blvd, City of Commerce
  • JP Morgan. 14111 Riverside Dr, Sherman Oaks
  • JP Morgan. 707 Broadway, Ste 100, San Diego
  • JP Morgan. 1720 Fulton St, San Francisco
  • JP Morgan. 12555 Valley View Sy, Garden Grove
  • Sterling Bank. 1900 Fillmore St, San Francisco
  • Bank of America. 40 West Foothill Blvd, Upland
"Clients use digital banking more than ever for their everyday financial needs, and come into financial centers for more complex transactions or discussions about their finances. So we have been adjusting our retail network where centers are located in close proximity to one another, or where client traffic has diminished significantly." Bank of America statement

Despite the push to digital banking, many customers prefer to do their banking in a physical location. There is a fear that closing so many branches can lead to 'banking deserts' and adversely impact communities.

"We are concerned about the closures, especially in communities of color and lower-income communities because of how that affects lending. If you're going to get a small business loan or a home loan, you're likely going to need to go into a branch." Paulina Gonzalez-Brito, CEO of Rise Economy, formerly the California Reinvestment Coalition

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? Why do you think so many branches are closing in California?

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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