U.S. banks and thrifts continued to cut branches across the country in July, shuttering 129 branches, while opening just 66, according to SNL data. As of July 31, there were 90,005 active bank and thrift branches in the U.S.
During the first seven months of 2017, U.S. banks and thrifts closed a net 955 branches, with the Midwest accounting for almost 43% of net closures. During July, however, the Mid-Atlantic region led the U.S. with 31 net closures.
By state, New York and New Jersey led the nation with 13 net closures each, followed by Ohio with seven. Meanwhile, Massachusetts had four net openings, the most of any state. All four openings in the state were by mutual entities — two by GSB MHC and a branch each by Eastern Bank Corp. and Institution for Savings in Newburyport.
Wells Fargo & Co. closed a net 14 branches across various cities in July, the most of any company, followed by M&T Bank Corp., which posted 12 net closures — seven in New York and five in New Jersey. Meanwhile, Bank of America Corp. and JPMorgan Chase & Co. closed a net 10 and nine branches during the month, respectively.
Branch data is collected on a best-efforts basis by SNL, a platform owned by S&P Global Market Intelligence. Coverage excludes loan offices, mortgage branches and other offices that may not primarily engage in deposit-taking activities.
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SNL combines bank branch data along 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 SNL.com or in SNLxl.