More bank branches were closed than opened during May, according to a data analysis from S&P Global Market.
Last month saw the closing of 273 bank branches. U.S. Bancorp, the Minneapolis-based parent company of U.S. Bank NA, led the industry with the most active branch net closings with 133 locations shuttered, all in California – the company did not open any new branches. This high rate of closures was attributed to U.S. Bank’s acquisition of San Francisco-based MUFG Union Bank NA last December.
“Both Union Bank customers and U.S. Bank customers have gained access to branch and fee-free ATM locations through the consolidation,” said Jeff Shelman, senior vice president and head of enterprise external communications for U.S. Bank, in an emailed statement. “Of the branches that were consolidated, more than [50%] were located within a half mile of another branch and [80%] were within a mile of another branch.”
Wells Fargo & Co. ranked with the most net closings, moving out of 38 branches and opening only one. PNC Financial Services Group Inc. ranked third with 30 closings and two openings.
As of May 31, banks had a total of 78,121 active branches.
Photo by Laura Gilmore / Flickr Creative Commons
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