SEVERAL bank chains have announced fall closures as some work to redesign the customer experience.
Additional closures were recently announced, bringing the total in one state to 21 across multiple banks.
According to Insider Intelligence, approximately 7,000 branches – or 9 percent of all bank locations – closed between 2017 and 2021.
Many of the stores closing this fall have a second location in that city that remains open.
Bank of America is closing branches in three California cities, including Los Angeles, while other locations remain open.
Santander, meanwhile, said it would close locations as more customers bank electronically.
“As in many industries, our customers’ preferences have changed and more and more customers are choosing to bank with us online,” Santander said.
“That’s why we’re reimagining the customer and employee experience by simplifying our processes, refining our branch footprint and increasing our investment in digital capabilities to adapt to our customers’ evolving needs.”
Wells Fargo issued a similar statement: “We continually evaluate our branch network in light of changing customer needs, increasing use of digital banking and market factors.”
The company is closing five locations in Virginia, one in Pennsylvania and seven in California.
Bank of America is closing seven locations in California, while Chase is set to close three branches in the state.
City National Bank will also close four locations in California.
First Citizens Bank will close a branch in North Carolina this fall.
In total, California will lose more than 20 bank locations in the coming months.