U.S. banks and thrifts continued closing branches across the U.S. in November, shuttering 268 locations while opening just 54, according to S&P Global Market Intelligence data.
Over the last 12 months, U.S. banks and thrifts have closed 3,109 branches while opening 1,001. As of Nov. 30, there were 87,411 active bank and thrift branches in the U.S.
California led the country with 24 net closures in November, followed by Florida and New York at 18 net closures each.
BB&T Corp. closed 61 branches in November — more than any other bank in the industry. The bank assigns two scores to every location: one that rates the viability of the individual branch based on measures like how much new revenue it is generating relative to its cost, and one that measures market viability.
"The majority of our closures are taking place in the branches where there are low market viability and also low branch viability," Brantley Standridge, BB&T's senior executive vice president and president of retail banking, said during a Nov. 14 investor day.
Those closures are slated to continue in 2019. "We took out 148 branches last year, we're going to do 171 this year, 150 or so next year. So total of about 20% reduction in our branches over a three-year period," BB&T President and COO Christopher Lee Henson said during the investor day.
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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.