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US banks close 200 branches, open 101 in May

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US banks close 200 branches, open 101 in May

U.S. banks and thrifts opened 101 branches and permanently closed 200 in May, leaving 82,474 active U.S. branches as of May 31. Over the last 12 months, the industry has closed 4,322 branches and opened 1,140, according to S&P Global Market Intelligence data.

JPMorgan Chase & Co. led all banks with 14 openings and nine closures in May. Five of the closures were in New York while the branch openings spanned the country. Fifth Third Bancorp, FirstSun Capital Bancorp, Lauritzen Corp. and Luxemburg Bancshares Inc., all followed with two net openings each. Closing activity was slower in May than previous months, but the more than 3,000 branches closed, on net, over the last 12 months has come at a significantly higher pace than pre-pandemic activity.

Meanwhile, Regions Financial Corp., Wells Fargo & Co. and KeyCorp were the largest net closers in May with 29, 24 and 22 net closures, respectively. Over the last 12 months, Regions has closed at least 10 branches in each of several states: Alabama, Arkansas, Florida, Louisiana and Tennessee.

Kentucky and Texas had the most net openings in May with three each while New York and California saw the most net closures at 14 and 13, respectively.

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