CHARLOTTESVILLE, Va.–The pace of branch closures slowed last month, according to SNL Financial data.
U.S. banks and thrifts closed 120 branches in August, compared to 236 in July and 149 in June. Just 61 branches were opened during the past month, bringing the industry's total branch count to 91,751 as of Aug. 31, SNL Financial reported.
August saw the fewest branch closures so far this year, according to the company, which noted three of the "Big Four" banks led the list for the most net closings in August while Citigroup Inc. remained quiet with no branch activity during the month.
Banco Santander SA and San Antonio-based Cullen/Frost Bankers Inc. were the highest net-openers in the month with two openings and zero closings each, SNL Financial said. JPMorgan Chase & Co. had 16 net closings during the month, the most of any bank in the country. The bank closed 18 branches while opening only two.
Wells Fargo & Co., in the news now for other reasons, followed with 15 closings and no openings during the month. Bank of America Corp. stood at No. 3 with 14 net closings in August. The bank closed 15 branches, while opening only one during the month, according to SNL Financial.
The Miami metro area had the most net bank branch openings in August, with a total of six branches opened and one closed.
Kansas, Nebraska and New York ended the month with two net openings each. Texas topped the charts with 11 net closings, followed by Michigan and Georgia with seven and six net closings, respectively, SNL Financial said.