By Steve Gelsi
PNC closed 21 branches as the most active reducer in April, but banks overall shut down fewer branches than they did in March
U.S. banks closed fewer branches in April than March, S&P Global Market Intelligence said Tuesday.
All told, U.S. banks closed 130 branches and opened 51 in April for a net reduction of 79, down from 100 in March. The 79 figure is also below the trailing 12-month average of 114.
U.S. banks operated 78,475 active branches as of April 30, according to S&P.
PNC Financial Services Group Inc. (PNC) closed 21 branches in April, the most of any U.S. bank. The bank did not immediately reply to a request for comment.
Meanwhile, Banco Santander (SAN.MC) closed 12 branches in April and U.S. Bancorp (USB) closed nine.
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JPMorgan Chase & Co. (JPM) opened a net seven bank branches, the most of any U.S. bank in April.
The bank opened a total of 114 branches in 2022. It was the first retail bank with branches in all of the lower 48 U.S. states. It has also added more than 650 branches since 2018, according to an investor presentation.
JPMorgan has also consolidated branches at a rate comparable to that of other large banks, according to the presentation.
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May 30, 2023 12:20 ET (16:20 GMT)
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