As Banks Shutter Branches, Credit Unions Continue to Build

Source: American Banker

The COVID-19 pandemic forced credit unions to rethink the function of branches, but recent data shows that they continue to open more locations — even as banks do the opposite. 

U.S. credit unions opened 66 branches and closed 51 in the second quarter, pushing the industry's total branch count to 19,974, according to the latest data from S&P Global Market Intelligence. By comparison, in 2021 credit unions opened 86 branches in the second quarter while closing 62. 

Oregon saw four net branch openings in the second quarter of this year, the most for any state, followed by Texas and Wisconsin with three net openings each. In contrast, Georgia had the most net closures, at five, according to S&P Global.

At the same time, U.S. banks shuttered a net 2,927 branches last year, according to a tally by S&P Global Market Intelligence. That set a record, the firm said.

Related: 

• US Bank Branch Closures Slow from Pandemic-Era Record Highs
• Credit Unions Grow Branch Count While Banks Slash Locations
• No End in Sight for US banks' Record-Breaking Branch Closure Spree
• US Bank Branch Closures Increase 38% to New Record High in '21
• US Banks Close 180 Branches, Open 69 in September
• US Credit Unions Close Net 10 Branches in Q3