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US banks close 148 branches, open 44 in February

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US banks close 148 branches, open 44 in February

U.S. banks and thrifts opened 44 branches and permanently closed 148 in February, according to S&P Global Market Intelligence data.

Over the last 12 months, U.S. banks and thrifts closed 3,672 branches and opened only 995, leaving 83,443 active branches as of Feb. 28.

Somerset, Pa.-based Somerset Trust Holding Co. and U.S. Bancorp each had two net openings last month, the most of any bank in the country.

Meanwhile, Wells Fargo & Co., Citizens Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. posted the most net closures last month at 44, 23 and 13, respectively. Earlier this year, Wells Fargo announced that it plans to consolidate about 250 branches in 2021 after consolidating 329 locations in 2020. Wells Fargo management also said the bank has changed its branch staffing model due to declines in transaction volume, allowing for a 20% reduction in branch staff last year.

California led the nation with 22 net branch closures in February, followed by Massachusetts with 18 and Florida with 10. On the other hand, Minnesota had three net openings last month.

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Click here to access a template containing bank branch openings and closings for February 2021.