US banks close 74 branches in six weeks as branch network contraction accelerates

Major U.S. banks announced plans to close 74 branch locations between July 17 and Aug. 28, accelerating a trend that has left growing numbers of Americans without nearby physical banking services, according to filings reported by the Daily Mail.

Bank of America, Wells Fargo and Chase each filed to close 14 branches over the six-week period — the most among the major institutions — while PNC filed to close seven and U.S. Bank filed to close three. Other institutions, including Citizens Bank and Huntington, accounted for the remaining notices. Banks must notify the Office of the Comptroller of the Currency before closing a branch, and the agency publishes those filings in a weekly report; the listings indicate a bank's intent to close but are not final confirmations.

The closures were geographically dispersed. Texas recorded nine planned shutdowns during the period, New York seven, and California, Florida and Michigan five apiece. In 2024, banks closed 1,043 branches nationwide, and industry data show the rate of net closures has averaged about 1,646 per year since 2018, a pace researchers say has accelerated in 2025.

Research from Self Financial, cited by the Daily Mail, projected that if current net-closure rates continue, the last traditional physical bank branch could disappear by 2041. Analysts and industry observers say the contraction is driven by a steady shift toward online and mobile banking, but warn that large segments of the population still rely on in-person services.

"Retail bank closures in the U.S. aren't slowing," Darren Kingman of Root Digital said. He added that, while the country moves toward a more digital banking environment, more than 200 million Americans still deposit cash, a behavior that becomes harder to accommodate as branches vanish. Kingman said shrinking branch networks can mean longer lines and reduced service quality for those who continue to bank in person.

Survey data from GoBankingRates referenced by the Daily Mail found 45 percent of Americans still prefer in-person banking. Andrew Murray, lead data content researcher at GoBankingRates, said the intensity of the shift toward online banking has increased in 2025 but that consumer concern has grown in parallel. Murray said more than half of Americans expressed concern about the rising number of branch closures, and 76 percent said the current banking system needs small or major changes.

Industry watchers noted that the filings and closures come as regulators move to ease some reporting and capital-rule requirements. A package of regulatory changes announced in July, part of the Trump administration's broader deregulatory agenda, is scheduled to take effect in the fall. Some experts have warned those changes could make it easier for banks to obscure poorly performing loans or other signs of financial distress, though banks and regulators say the revisions are intended to reduce unnecessary burden and streamline supervision.

The Daily Mail report said banks did not immediately respond to requests for comment about the recent round of filings. The Office of the Comptroller of the Currency continues to publish branch-closure notices and other filings on its public schedule, which industry analysts track to gauge the pace and concentration of local service reductions.

The contraction of the branch network has implications for access to cash, financial inclusion and community banking relationships, analysts say. As institutions evaluate branch profitability and customer behavior, market observers will continue to monitor filings and closures for signs of broader strains in the banking sector as the industry balances digital investment with the needs of customers who rely on physical branches.