Bank Branch Bloodbath Continues As Wells Fargo Closes 15 Branches And BofA Closes Seven In A Week

bank branch bloodbathThe bank branch bloodbath continued last week as Wells Fargo And BofA filed to close 24 branches last week. US banks are in an ongoing scramble to eliminate costly brick and mortar banking locations.

Wells Fargo plans to close 15 branches total.  These include three in Florida. Additionally, they will be closing two each in California, Georgia and New Jersey.

The OCC reports that Bank of America closed an additional seven branches during the same week. 

Wells Fargo has the second largest number of physical bank branches in the US. Ten years ago, the bank had 6,000 branches. However, as of July, the bank had shrunk by 4,500 branches. 

Bank of America has also been cutting its branch count.

Ten years ago, Bank of America had 5,400 branches compared to around 3,800 this year.

The banks claim this is because banking habits of consumers are changing.

Bank of America has redesigned their branches. The design places tellers in back of the branch. The new Bank of America design makes space for customers to meet with bank employees privately nearer to the entrance.

Of the seven branches Bank of America indicated it would close, two were in Fullerton, California. Bank of America is also closing branches in Georgia and Massachusetts. In addition, Bank of America is also closing branches in Missouri, New Jersey and New York.

Of the seven branches Bank of America indicated it would close, two were in Fullerton, California. BofA is scheduled to close branches in Georgia and Massachusetts. The bank will also be closing branches in Missouri, New Jersey and New York.

In the first half the year, a total of 1,144 national and regional banks were closed, according to data from S&P.

Read More About The Bank Branch Bloodbath On MFI-Miami.

Also, check out the articles below:

PNC Bank Shutters 19 Branches

Wells Fargo Bank Axes Another 13 Branches In A Single Week

Bank Branch Bloodbath: Major Banks Close Another 19 Locations

BofA And Wells Fargo Shutter Branches Across The US

More Banks Are Shuttering Branches

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