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US banks and thrifts closed more than 200 branches in May

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US banks and thrifts closed more than 200 branches in May

U.S. banks and thrifts continued to close branches in May, shuttering 265 offices while opening just 60, according to S&P Global Market Intelligence data.

As of May 31, there were 88,429 active bank and thrift offices in the U.S.

During the last 12 months, U.S. banks and thrifts closed a net of 2,011 branches, with the Southeast region accounting for 29.0% of total net closures and the Midwest region for 22.4%. In May, the Southeast region led the nation with 90 net closings, followed by the mid-Atlantic region with 60. The Southwest region saw three net openings for the month.

Pennsylvania was the state that saw the most net closures in May at 34, followed by Florida with 24. There were three net openings in both Missouri and Oklahoma, the most among any states in the U.S.

Rosemont, Ill.-based Wintrust Financial Corp. was the bank that had the highest number of net openings for May, at four. Versailles, Ky.-based Citizens Commerce Bancshares Inc., Grapevine, Texas-based Greater Southwest Bancshares Inc., Birmingham, Ala.-based Regions Financial Corp. and TD Group US Holdings LLC, a Delaware-based subsidiary of Canada's Toronto-Dominion Bank, followed with two openings each for the month.

BB&T Corp. closed a net 78 branches in May, the most by any banking institution in the country. More than 60% of those closures were in the Southeast region, while another 28% were in the mid-Atlantic. The bank expects to close between 150 to 160 branches in 2018, and according to S&P Global Market Intelligence data, the company has already shut down 82 offices while opening just one in the first five months of the year.

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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 U.S. market analysis section of a company's Briefing Book page on the web platform or the Office Screener.