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US banks and thrifts close a net 100 branches in February

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US banks and thrifts close a net 100 branches in February

U.S. banks and thrifts continued closing branches in February, shuttering 142 locations while opening 42 for 100 net closures, according to S&P Global Market Intelligence data. By comparison, a net 67 branches were closed in January.

Over the last 12 months, U.S. banks and thrifts have closed 2,998 branches and opened 1,024. As of Feb. 28, there were 87,140 active branches in the U.S.

Missouri had the most net openings in the U.S. in February, at three, while Florida led the country with 13 net closures, followed by Pennsylvania with 12.

BB&T Corp. closed 38 branches in February — more than any other bank in the industry and 1.24% of its total branch network. Most of these closures were in Maryland, Florida, Virginia and Georgia — states that overlap with SunTrust Banks Inc., with which BB&T is merging in a deal valued by S&P Global Market Intelligence at $28.2 billion.

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S&P Global Market Intelligence combines bank branch data with demographic information, which can be accessed via the market demographics page under the market analysis section of a company's Briefing Book page on the web platform or the Office Screener