Jan 21, 2022 - Economy

Charted: Disappearing bank branches

U.S. bank branch net closings
Data: S&P Global Market Intelligence; Chart: Will Chase/Axios

Bank branch closures hit a record last year.

By the numbers: The number of net closures increased by 38% from 2020, according to S&P Global Market Intelligence.

The big picture: Banks, which had been closing branches steadily for about a decade prior to the pandemic, hastened plans to consolidate locations as a way to cut costs during the health crisis.

Details: Wells Fargo topped the list with a net 267 closures. 

  • Ohio-based Huntington Bancshares had the most net closures (221) on a percentage basis among banks with 1,000 or more branches.
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