In the first two months of the year American banks closed some 222 branches.
Leading the charge was Bank of America, US Bank and Citizens, which collectively accounted for nearly half of all the closures – 92 over eight weeks. If banks continue at the current rate some 1,300 will close this year.
The closures, reported to federal regulator the Office of the Comptroller of the Currency (OCC) in January and February, are reflective of a broader trend.
Banks are growing increasingly confident in the capabilities of online banking, according to Steven Reider, the founder and president of Bancography, an Alabama-based consulting firm that advises banks on branch planning and strategies.That confidence can lead to significant savings since the average freestanding bank branch costs around $2.6 million a year. In just two months, Bank of America’s 41 closures might have saved it almost $100 million. In the first two months of the […]
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