Top U.S. Banks Shut 64 Branches In A Single Week—Are You Affected?
Think the banking troubles were a thing of the past?
Back in April/May, when we had 4 bank failures in one week, that was bad.
Then things died down for the summer and many people thought all was good again….all was fixed!
We told you it wasn’t.
In fact, ever since then we’ve been shouting at the rooftops that now is not the time to get lulled into complacency. Now is the time to get prepared and get ready for the bigger crash that’s coming!
And the crashes always seem to occur and get worse in the fall and winter.
In other words, we’re in prime territory.
That was only two branches.
The news out today is top banks have filed to close down 64 branches in one week!
Folks, I don’t care how you slice it, that is NOT a good sign!
💥27th Nov, 2023 64 US Bank Branches File To Shut Down In A Single Week
PNC Bank filed for 19 branch closures.
JPMorgan Chase followed closely with 18 filings
Citizens Bank came in third with eight branch closure filings
Minneapolis-based U.S. Bank filed for seven closures… pic.twitter.com/DplxQrMp47
— Dr. Shah (@ankitatIIMA) November 27, 2023
PNC Bank leads with 19 branch closures, but JPMorgan Chase and Bank of America are high up on the list too!
BREAKING THE BANK‼️
PNC Bank shutters 19 branches in a single WEEK as US Bank, JPMorgan Chase and Bank of America also close locations – is your local affected?
Seven banks filed to close 42 branches last week, leaving a growing number of Americans with limited access to basic… pic.twitter.com/1vnub5RfmI
— SANTINO (@MichaelSCollura) November 27, 2023
But hey, Biden says the economy is doing great!
DERP!
US Banks File to Shut 64 Branches in a Single Week—Are You Affected?
JPMorgan Chase and PNC Bank filed for closing over a dozen branches each, along with other major banks across the country.https://t.co/BZXAGa7YEf
— The Epoch Times (@EpochTimes) November 27, 2023
Here is the complete list of PNC closures slated for closure on February 16th:
202 N. Walnut St., Bath, Pennsylvania
301 W. Trenton Ave., Morrisville, Pennsylvania
14 N. Main St., Plains, Pennsylvania
Two N. Mill St., New Castle, Pennsylvania
1969 E. 3rd St., Williamsport, Pennsylvania
321 Bel Air Blvd., Mobile, Alabama
2811 Eastern Blvd., Montgomery, Alabama
5650 S. Brainard Ave., Countryside, Illinois
2217 W. Market St., Bloomington, Illinois
1949 E. Sangamon Ave., Springfield, Illinois
505 W. Liberty St., Wauconda, Illinois
8733 U.S. Highway 315, Indianapolis, Indiana
528 Station Ave., Hadden Heights, New Jersey
410 Main St., Orange, New Jersey
115 E. Van Buren Ave., Harlingen, Texas
407 S. Commerce St., Harlingen, Texas
801 W. Kearney St., Mesquite, Texas
1040 Mt. Vernon Ave., Columbus, Ohio
1140 N. Main St., Gainesville, Florida
The Gateway Pundit reports the following is a list of bank branches that have either recently ceased operations or are on the schedule for imminent closure:
Wells Fargo. 1155 Union Circle, 2ND FL RM 222, Denton.
Wells Fargo. 700 Jackson, Richmond
Wells Fargo. 14999 Preston Rd, Building F, Dallas
Verabank. 1100 Williams Dr, Georgetown
Amerant Bank. 12145 FM 1960 West, Houston
Wells Fargo. 3580 Frankford Rd, Dallas
Wells Fargo. 1200 Flower Mound Rd, Flower Mound
JP Morgan. 213 W Greens Rd, Houston
Wells Fargo. 2824 Hillcroft St, Houston
Bank of America. 9660 Hillcroft St, Houston
Wells Fargo. 1420 West Mockingbird Lane, Dallas
JP Morgan Chase. 16802 El Camino Real, Houston
Capital One. 2301 E. Riverside Dr, Austin
Capital One. 2910 S. Lakeline Blvd, Cedar Park
Wells Fargo. 11152 S. Gessner Dr, Houston
Woodforest NB. 80 Uvalde, Houston
JP Morgan. 14114 Dallas Parkway, Dallas
Wells Fargo. 1420 West Mockingbird Lane, Dallas
JP Morgan Chase. 16802 El Camino Real, Houston
JP Morgan. 1200 Clear Lake City Blvd, Houston
JP Morgan. 3103 FM 528 Friendswood
Home Bank. 12941 Gulf Freeway, Houston
Home Bank. 251 West Medical Center, Webster
Bank of America. 7900 Shoal Creek Blvd, Austin
First NB. 5671 Treaschwig Rd, Spring
First NB. 5671 Treaschwig Rd, Spring
Bank of America. 7900 Shoal Creek Blvd, Austin
PNC Bank shuts 19 branches in a single week – is your local affected? https://t.co/3Mln7SVmkd via @MailOnline
— Bo Snerdley (@BoSnerdley) November 25, 2023
ZeroHedge had more details:
Between Nov. 12 and 18, several banks filed to close branch locations, with PNC Bank with the most filings, according to data from the U.S. Office of the Comptroller of the Currency. Pittsburgh-based PNC Bank filed for 19 branch closures—five in Pennsylvania, four in Illinois, three in Texas, two each in Alabama and New Jersey, and one each in Indiana, Ohio, and Florida.
JPMorgan Chase followed closely with 18 filings—three in Ohio, two each in Connecticut and South Carolina, and one each in 11 states, including New York, Illinois, Florida, and Massachusetts.
Citizens Bank came in third with eight branch closure filings—six in New York, and one each in Massachusetts and Delaware. Minneapolis-based U.S. Bank filed for seven closures—three in Tennessee and one each in Missouri, Wisconsin, Ohio, and Illinois.
Bank of America made five filings—two in New York and one each in Texas, Massachusetts, and California.
Citibank filed for two branch closures, and Sterling, Bremer, First National Bank of Hughes Springs, Windsor FS&LA, and Aroostook County FS&LA made one filing each.
Altogether, banks filed to shut down 64 branches.
The recent closures are part of a long-term branch shutdown trend that has been ongoing over the past several years. A report from the National Community Reinvestment Coalition shows that between 2017 and 2021, 9 percent of all bank branches shut down. The closure rate doubled during the COVID-19 pandemic.
According to data from S&P, there were 3,012 branch closures last year and 958 branch openings, leading to a net closure of 2,054 branches. This was the third consecutive year that net closings exceeded 2,000.
One major factor that led to a surge in branch closures is the rise of digital banking, a trend that accelerated during the pandemic when people were stuck at their homes.
A survey by the American Banking Association (ABA) conducted in September showed that 8 in 10 Americans used a mobile device to manage their bank accounts at least once in the previous month.
“Digital banking tools have made it more convenient and more secure than ever for consumers to manage their finances,” Brooke Ybarra, ABA’s senior vice president of innovation strategy, said, according to a Nov. 3 statement.
Cost Saving, Negative Effects
Going digital rather than expanding physical branch locations is also part of a cost-saving strategy for banking institutions. Opening a new site costs millions of dollars and several hundreds of thousands in annual recurring costs.
Most of the operations done via a physical bank can now be done online. Digital transactions are cheaper than the costs incurred in transacting via bank tellers.
On the flip side, the shutdown of bank branches can negatively affect customers, especially in small towns. Due to such closures, many towns have become “bank deserts,” where the nearest bank is more than 10 miles away.
“When bank branches close, there are several adverse effects on the surrounding community. Small business lending and activity in the area declines. More people use alternative financial services that open them to unregulated and predatory financial practices. An important commercial tenant and employer are lost,” the National Community Reinvestment Coalition report said.
“While consumers have embraced mobile and internet banking to one degree or another, they clarify that branches matter to them as well, and without branches nearby, they are more likely to be un- or under-banked.”
A recent survey by Daily Mail found that 51 percent of Americans were either “very concerned” or “somewhat concerned” about the closure of bank branches.
PNC Bank Closure
PNC Bank registered the largest number of closure filings amid its heightened focus on cost-saving measures. During its second-quarter earnings call, CEO William S. Demchak said the bank is “going to have to take a hard look” at where it can “generate savings … without cutting the potential for growth.”
At the time, Chief Financial Officer Robert Q. Reilly revealed that the institution was boosting the target of an expense reduction program by $50 million to $450 million. For next year, PNC Bank is targeting $725 million in expense cuts.
This all comes on the heels of an exclusive report I brought you not less than two weeks ago:
Bank of America “Near Insolvent”? Bank Run Possible?
I covered a story last night about the $650 BILLION of “unrealized losses” about to hit the Big Banks in the United States.
Wild story!
I will post that full report below in case you missed it.
But what I really want to focus your attention on is a couple quotes from a Yahoo News article that I featured in that story.
Because it’s not getting nearly enough attention….
It’s a quote from Larry McDonald saying that Bank of America is INSOLVENT at a 6% Fed Funds rate.
Read that again.
BOA — INSOLVENT — in the same sentence!
So, you might be asking, “what is the current Fed Funds Rate”?
It’s 5.5%.
Uncomfortably close to INSOLVENT.
Wow.
He was quoted in the article I’ll show you below, but he also posted it to Twitter so you can see it right here.
I believe Bank of America is insolvent with a 6% Fed funds rate, leverage explodes. If your core capital is impaired, any losses on tertiary assets (credit cards, commercial real estate, asset backed securities) are exponential painful. https://t.co/Xd76VATiOr
— Lawrence McDonald (@Convertbond) October 10, 2023
More here:
Hollyyyy Fuckkkk is anyone talking about this. Bank Of America May be insolvent. #MOASS #boa #BankofAmerica #insolvent pic.twitter.com/0jC0Q0mM9b
— Nazeem Elkommos (@NazeemElkommos) October 3, 2021
And then of course you have The Simpsons predicting it in advance:
The Simpsons predicted Bank of America running out of money.
All banks are insolvent, which is why you are unable to withdraw all of your money in one day. pic.twitter.com/5xMPs7YT6M
— Shannon Crawford (@shae33172) January 21, 2023
Bank Runs incoming?
🚨 BREAKING: There’s going to be a #BankRun
Many #Banks are gonna start falling rapidly and become insolvent. #CitizensBank in Iowa is insolvent and the dominoes are falling.
Even Bank of America #BOA & Wells Fargo #WFC are warning depositors of withdrawal issues plus… pic.twitter.com/jn6pdLEvny— Richard Barry (@irishchink) November 4, 2023
