US Bank Branch Closures Increase 38% to New Record High in '21

In 2020, U.S. banks set a new record for shuttering retail branches as more consumers bank digitally. In 2021, banks shattered that record — by 38%.

On net, accounting for openings and closings, U.S. banks shuttered 2,927 branches, according to S&P Global Market Intelligence data. That included more than 1,000 branch openings and nearly 4,000 branch closings. Banks have accelerated plans to consolidate their branch footprints as the COVID-19 pandemic encouraged consumer adoption of mobile and digital channels. Further, banks have faced a tough operating environment with low interest rates pressuring margins and forcing a reconsideration of expenses.

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