America's bank branch bloodbath laid bare: More than 1,500 banks were shut in 2023

America's bank branch bloodbath laid bare: More than 1,500 banks were shut in 2023 - with Wells Fargo, PNC, US Bank and Bank of America closing the most

NEIRIN GRAY DESAI

Banks this year closed branches in California and the Midwest faster than elsewhere, as an ongoing elimination of costly brick and mortar locations leaves an increasing number of Americans without access to basic financial services.

Dozens of banks filed notices to close a total of 1,566 branches between January 1 and December 22, according to data from their regulator, the Office of the Comptroller of the Currency (OCC). In contrast they only notified the regulator of plans to open 472.

And the closures are being felt. DailyMail.com has received emails from concerned readers that they now needing to travel further to access a bank.

California saw by far the greatest net closures, losing an average of 300 branches. The area around Seattle also lost more than a dozen branches while only gaining two.

But the rapid retreat of banks from some regions was perhaps the most pronounced in the Midwest. Michigan lost 36 branches over the year but did not gain one. Illinois lost 60 branches and gained 18.

One reader said they now needed to cross state lines to get to bank. 

'PNC shut down our local branch which was three miles away, now I gave to go to an adjoining city or across the river to Ohio to make deposits or other banking needs,' they wrote. 'It's totally inconvenient and as a senior citizen the extra mileage is wasting gas.'

Another elderly reader in their early 80s pointed out that driving long distances may not always be viable. 

'This is all very distressing to both my husband and me,' they said. 'We've already had several closures of our banks and have to drive further and further to find our banks. What happens when we can no longer drive?'

A banking desert is a neighborhood which has no bank branches in it or within 10 miles of its center.

The majority of Americans are concerned about widespread bank branch closures- which are hitting lower-income households the hardest. 

Wells Fargo led the charge, filing to close 312 branches. Wells Fargo filed to close 15 branches in one week alone in November. 

It was followed by PNC and US Bank which notified of 196 and 178 closures respectively. Bank of America and Chase both filed to close exactly 157 branches.

Citibank was a notable outlier among the big national banks, filing to close only eight banks throughout the year. Meanwhile, certain smaller banks also closed a significant number of branches.

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