US Bank announces it will shut 19 branches in just one week - is YOUR branch affected?
- American banks filed to close 25 branches in a single week this month
- US bank reported a batch of 19 branch closures in mostly rural locations
- Has your local bank branch shuttered recently? Write to money@dailymail.com
- What to do if your local bank branch closes - read our guide
US Bank filed to shut 19 branches in a single week this month.
It was by far the worst offender among five banks that notified their regulator between March 3 and 9 of plans to shut a total of 25 branches.
Citizens Bank and KeyBank also said they would shut two branches each - three of those were in Pennsylvania. Axiom and Bank of Hillsboro said they would shut one each.
Many of the US Bank closures were in rural locations - five were in Idaho and three were in Missouri. The remainder were in Arkansas, California, Iowa, Illinois, Indiana, Kentucky, Missouri, Montana, Ohio and Wisconsin.
'US Bank's footprint includes Midwest and western mountain states with lots of smaller towns and wide open space,' said Greg McBride, chief financial analyst at Bankrate.
US Bank notified its regulator of plans to shut some 19 branches in a single week
Pictured is a US Bank location in St. Maries, Idaho, which is due to close, according to a recent bulletin filed by the bank's federal regulator
Greg McBride, chief financial analyst at Bankrate
He added that even in rural areas banking services are increasingly shifting online. Cutting branches can save banks millions each year.
'Even among customers outside major metropolitan areas, routine transactions continue to migrate out of the branch and are being done digitally,' he said.
The week prior was unusually light on branch closures.
Bank of America notified its regulator, the Office of the Comptroller of the Currency (OCC) that it would close only three.
Steven Reider, the founder of Bancography, an Alabama consulting firm that advises banks on branch planning said retail banking is undergoing 'a rural to urban conversion'.
Banks are consolidating around cities, placing more focus on dominating those markets fully.
For example, Chase is moving into Kansas City with force, Fifth Third is making similar moves into Charlotte and PNC is targeting Austin.
So far in 2024, Bank of America and US Bank have been among those cutting branches most aggressively.
In the first two months of the year, DailyMail.com analysis showed that banks had filed to close 222 branches.
Bank of America, US Bank and Citizens collectively accounted for nearly half of those.
The average freestanding bank branch costs around $2.6 million a year - so being able to shut them and encourage customers to go online can lead to big savings.
Below are the closures for the past two full weeks for which the OCC has figures - February 25 to March 2 and March 3 to 9.
For branch closures reported in the rest of this year, click here.
| Bank | City | State | Location |
|---|---|---|---|
| U.S. Bank NA | Sheridan | AR | 101 North Oak Street |
| U.S. Bank NA | Fair Oaks | CA | 5450 Dewey Drive |
| U.S. Bank NA | Chariton | IA | 917 Braden Ave |
| U.S. Bank NA | Chariton | IA | 926 Court St |
| U.S. Bank NA | Boise | ID | 4700 North Eagle Road |
| U.S. Bank NA | St. Maries | ID | 138 North 8th Street |
| U.S. Bank NA | Rigby | ID | 183 South State |
| U.S. Bank NA | Buhl | ID | 819 Main Street |
| U.S. Bank NA | Rupert | ID | 612 5th Street |
| U.S. Bank NA | New Athens | IL | 1100 Spotsylvania Street |
| U.S. Bank NA | Dillsboro | IN | 12899 Bank Street |
| U.S. Bank NA | Danville | KY | 111 South 4th Street |
| U.S. Bank NA | Salisbury | MO | 218 South Broadway |
| U.S. Bank NA | Eldon | MO | Highway 54 and Aurora |
| U.S. Bank NA | Richmond | MO | 100 East North Main Street |
| U.S. Bank NA | Glendive | MT | 123 West Bell |
| U.S. Bank NA | Cuyahoga Falls | OH | 2226 State Road |
| U.S. Bank NA | Proctorville | OH | 7537 County Road |
| U.S. Bank NA | North Fond Du Lac | WI | 718 Wisconsin Ave |
| Citizens Bank, NA | Levittown | PA | 6800 New Falls Road |
| Citizens Bank, NA | Bala Cynwyd | PA | 121 East City Line Avenue |
| KeyBank NA | Boise | ID | 6700 West State Street |
| KeyBank NA | Pittsburgh | PA | 4934 Second Avenue |
| Axiom Bank, NA | Palmetto | FL | 508 10th Street East |
| Bank of Hillsboro, NA | Edwardsville | IL | 2496 Troy Road |
| Bank | City | State | Location |
|---|---|---|---|
| Bank of America, NA | Albuquerque | NM | 4401 Central Avenue NE |
| Bank of America, NA | Austin | TX | 3900 N Interregional |
| Bank of America, NA | Summit | NJ | 367 Springfield Avenue |
