As the popularity of e-banking soars, the brick and mortar U.S. banking industry continues to evolve.
Author’s Note
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: SPGlobal.com, WehoTimes.com, and HCCommunityJournal.com
Introduction
I write extensively about the state of U.S. banks for NewsBreak. In recent weeks, most of my articles have detailed individual branch closures.
This piece is similar, though it also ventures into related recent business decisions.
Firstly, according to a report from SPGlobal.com, entitled “US Bank Branch Closure Activity Slows Further in January,” it should be noted recent closures have — for now — slowed from 2022 highs.
See the following for a partial list of smaller, though still high, year-to-year bank branch closures from January of this year:
- PNC closed 21 branches and opened three.
- Huntington Bancshares closed 17 branches and did not open any new locations.
- Wells Fargo closed 12 branches and did not open any new locations.
- U.S. Bancorp (USB) closed 7 branches and opened no new locations.
- Citizens Financial Group closed 5 branches and opened no new locations.
Other locations have also closed in February.
Today, reports have surfaced of not only another Wells Fargo bank branch closing — the fourth such announcement in March of 2023 — but of an acquisition and subsequent closure of at least one entity within that process.
Let us explore further.
U.S. Banks, 2023
According to a report from HCCommunityJournal.com, entitled “Wells Fargo Closing 5 Points Location in June,” the Texas branch is consolidating its locations.
As excerpted from the report: “We’ll be consolidating this branch on Wednesday, June 21, 2023, at noon. Until then, customers can use this branch and bank with us as they always have. After that, customers can visit us at our Kerrville South or Ingram branches,” said Ty Morrison, communications specialist for Wells-Fargo Bank, N.A. in Houston. Morrison said because they have two other branches within the community, the decision to consolidate was made.
Further, it was reported earlier today via WehoTimes.com’s “US Bank is Closing West Hollywood Branch and Moving to Union Bank,” that a stalwart California location is closing due to an acquisition.
From the report: The West Hollywood US Bank branch located at 8901 Santa Monica Boulevard is closing on May 26, 2023. US Bank has acquired Union Bank, which means employees will be moving to the Union Bank location down the street located about a seven-minute walk east, at 8631 Santa Monica Blvd (roughly 0.3 miles).
Conclusion
These are developing stories. In the event of pertinent updates to these matters, inclusive of other closings and official announcements of target dates, I will share them here on NewsBreak.
Thank you for reading.
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