Openings: 14 stores
Aldi: 1
Burlington: 2
Costco: 1
Crunch Fitness: 1
Dollar General: 3
Dollar Tree: 1
Gold’s Gym: 1
Key Food: 1
Petco: 1
Rooms To Go: 2
Closings: 9 stores
Burlington: 1
Dollar General: 1
Dollar Tree: 1
Family Dollar: 3
Key Food: 1
Rooms To Go: 2
Openings: 33 stores
Ashley Furniture: 1
Barnes & Noble: 1
Bass Pro Shops: 1
Burlington: 2
Crunch Fitness: 1
Dollar General: 10
Dollar Tree: 8
Family Dollar: 1
Five Below: 2
Harbor Freight Tools USA: 1
IKEA : 1
LA Fitness: 1
Ollie’s Bargain Outlet: 1
Sprouts Farmers Market: 1
Tractor Supply: 1
Closings: 10 stores
99 Cents Only: 1
Ace Hardware: 3
American Freight: 1
Dick’s Sporting Goods: 1
Dollar Tree: 1
Five Below: 1
LA Fitness: 1
Walgreens: 1
South includes: AL, GA, NC, SC, TN, VA
Openings: 81 stores
Ace Hardware: 2
Aldi: 1
Burlington: 3
Citi Trends: 1
Costco: 1
Crunch Fitness: 2
Dollar General: 40
Dollar Tree: 12
Edwin Watts Golf Shops: 1
Family Dollar: 4
Five Below: 1
Floor & Decor: 1
Habitat for Humanity: 1
Hobby Lobby: 1
HomeGoods: 2
Homesense: 1
LA Fitness: 1
Pet Supermarket: 1
Pet Supplies Plus: 1
Sky Zone Trampoline Park: 3
Walgreens: 1
Openings: 31 stores
Ace Hardware: 1
Big Lots: 1
Carlie C’s IGA: 2
Citi Trends: 1
Dollar General: 4
Dollar Tree: 2
Edwin Watts Golf Shops: 1
Esporta Fitness: 1
Family Dollar: 7
Jo-Ann Fabric:
Shoe Carnival: 2
True Value Hardware: 3
ULTA: 1
Walgreens: 3
Openings: 32 stores
ABC Fine Wine & Spirits: 1
Aldi: 1
Amped Fitness: 1
Books A Million: 1
Burlington: 5
CVS: 2
Dollar General: 2
Dollar Tree: 4
Five Below: 5
Home Depot: 1
Homesense: 1
LA Fitness: 1
Michaels: 1
Nordstrom Rack: 1
Retro Fitness: 1
Sky Zone Trampoline Park: 2
TJ Maxx: 2
Closings: 35 stores
Bealls: 2
Books A Million: 1
CVS: 3
Esporta Fitness: 1
Ethan Allen: 1
Family Dollar: 23
Greenwise: 1
Habitat for Humanity: 1
Walgreens: 2
Openings: 42 stores
Bealls: 1
Dollar General: 6
Dollar Tree: 6
Five Below: 2
Homesense: 1
Retro Fitness: 1
TJ Maxx: 1
Walgreens: 24
Closings: 45 stores
American Freight: 2
At Home: 2
CVS: 3
Family Dollar: 32
Old Navy: 1
TJ Maxx: 1
Walgreens: 4
South includes: AL, GA, NC, SC, TN, VA
Openings: 72 stores
Ace Hardware: 6
Ashley Furniture: 1
Badcock Furniture: 1
Barnes & Noble: 2
Bealls: 1
Burlington: 2
Crunch Fitness: 3
Dollar General: 23
Dollar Tree: 9
Family Dollar: 2
Five Below: 8
Floor & Decor: 1
Golf Galaxy: 1
Habitat for Humanity: 1
Lowes Foods: 1
Marshalls: 2
Michaels: 1
Planet Fitness: 1
Publix: 1
TJ Maxx: 2
Total Wine & More: 1
Tractor Supply: 2
Openings: 120 stores
Ace Hardware: 1
American Freight: 1
Badcock Furniture: 2
Bealls: 1
Citi Trends: 1
CVS: 1
Dollar General: 4
Dollar Tree: 1
Family Dollar: 90
Golf Galaxy: 1
Habitat for Humanity: 2
Jo-Ann Fabric: 1
Marshalls: 1
Office Depot: 1
Publix: 1
Sam Ash Music: 1
Tractor Supply: 1
True Value Hardware: 1
Urban Air Adventure Park: 1
Walgreens: 7
Openings: 26 stores
Ace Hardware: 1
Amped Fitness: 1
Burlington: 1
City Furniture: 1
Crunch Fitness: 1
CVS: 1
Dollar General: 1
Dollar Tree: 2
EOS Fitness: 1
Family Dollar: 1
Five Below: 2
Fresh Market: 1
Guitar Center: 1
Habitat for Humanity: 1
Hobby Lobby: 1
Homesense: 1
Planet Fitness: 2
Publix: 6
Closings: 13 stores
Burlington: 1
CVS: 3
Dollar Tree: 1
Family Dollar: 4
Habitat for Humanity: 2
Hobby Lobby: 1
Walgreens: 1
Openings: 51 stores
Aldi: 1
Burlington: 2
Dollar General: 5
Dollar Tree: 3
EOS Fitness: 1
Family Dollar: 1
Five Below: 1
H-E-B: 1
Home Depot: 1
Homesense: 2
Life Time Fitness: 1
Michaels: 1
Old Navy: 1
Pet Supplies Plus: 1
Petco: 1
Tom Thumb: 1
Tractor Supply: 2
Walgreens: 25
Closings: 10 stores
99 Cents Only: 1
American Freight: 1
Citi Trends: 1
CVS: 1
Dollar Tree: 1
Family Dollar: 2
LA Fitness: 1
Office Depot: 1
Walgreens: 1
South includes: AL, GA, NC, SC, TN, VA
Openings: 45 stores
Ace Hardware: 3
Barnes & Noble: 1
Dollar General: 15
Dollar Tree: 7
Family Dollar: 5
Five Below: 3
Floor & Decor: 1
Harris Teeter: 1
Kroger : 1
Michaels: 1
Pet Supplies Plus: 1
Petco: 1
Planet Fitness: 1
Publix: 1
TJ Maxx: 1
Tractor Supply: 1
Urban Air Adventure Park: 1
Openings: 21 stores
Ace Hardware: 2
American Freight: 1
Barnes & Noble: 1
Citi Trends: 1
Cost Plus World Market: 1
CVS: 3
Dollar General: 3
Family Dollar: 2
Gabe’s Discount: 1
Harris Teeter: 1
Kroger : 1
Piggly Wiggly: 1
Rooms To Go Kids: 1
True Value Hardware: 1
Walgreens: 1
Bank of America - (9 openings, 49 closures)
Opening branches in nine new markets and four states by 2026 (AL, LA, NE, WI). Strategy: efficient expansion in new markets and consolidation in existing ones, closing two locations for each opening.
BankUnited - (3 openings, 15 closures)
Based in Miami Lakes, most branches are in FL (4 in NY, 1 in TX). They have 52 branches in FL after closing 30 since 2020 and opening 5.
Centennial Bank - (4 openings, 5 closures)
Maintains a strong balance sheet, avoiding significant closures. Entered TX in 2022 by acquiring Happy State Bank and its 60 branches (AL, AR, FL, NY, TX).
Chase Bank - (13 openings, 14 closures)
Aggressively expanding, plans to open over 500 new branches by 2027, focusing on new markets (Boston, Charlotte, Minneapolis, Philadelphia, Washington DC).
Fifth Third Bank - (25 openings, 9 closures)
Focusing on Southeast expansion (FL, GA, NC, SC, TN), aiming for a "50/50 balance" between Southeast and Midwest markets over the next 5 years.
First Horizon Bank - (1 opening, 15 closures)
Focused on brand building after a failed merger with TD Bank in 2023.
PNC Bank - (2 openings, 16 closures)
Closed over 200 branches in 2023, plans to open over 100 new branches by 2028, mainly in TX (Austin, Dallas, Houston, San Antonio), Denver, and Miami. Renovating 1200 branches.
Regions Bank - (4 openings, 13 closures)
Rebalancing footprint, embracing omnichannel banking by redesigning branches, expanding digital services, and overhauling backend operations.
Seacoast National Bank - (38 openings, 15 closures)
Expanding across FL, targeting high-growth markets (North FL, Naples/Fort Myers, Dade, Broward, Palm Beach) without specific targets announced.
South State Bank - (1 opening, 17 closures)
Acquiring Independent Bank Group, adding 100 branches and expanding into TX and CO (currently in AL, FL, GA, NC, SC, VA).
Synovus Bank - (4 openings, 13 closures)
Reduced branch footprint by 15% in 2022, reinvested in digital capabilities. No significant new branch plans announced.
TD Bank - (14 openings, 1 closure)
Focused on US growth, planning 150 new branches by 2027. Considering acquisitions despite the failed First Horizon deal due to regulatory issues.
Truist Bank - (12 openings, 132 closures)
Formed by BB&T and SunTrust merger in 2019, closed nearly one-third of original branches. Announced $750 million cost-cutting initiative to conclude in 2025, recently closed 80 branches.
Trustco Bank - (1 opening, 3 closures)
Primarily operates in FL and NY, aiming to grow its loan portfolio and deposit base in the Northeast.
Wells Fargo - (10 openings, 60 closures)
Struggling since 2016 phony-accounts scandal and 2018 Federal Reserve asset cap. Implementing required changes, third-party review ongoing, asset cap may remain until 2025.
Amerant - (4 openings, 3 closings)
Focusing on core markets in South Florida and Tampa. Selling Texas operations, leaving 20 branches in Florida. (Entered TX in 2005 via acquisition)
Ameris Bank - (1 opening, 2 closings)
No significant plans reported.
AmTrust Bank - (0 openings, 26 closings) Flagstar Bank - (26 openings, 0 closings)
AmTrust, acquired by NYCB in 2009, continued under the AmTrust brand. NYCB acquired by Flagstar in 2022, and Flagstar unified all branches under its logo in 2023 after another acquisition.
Axiom Bank - (0 openings, 4 closings)
No significant plans reported; small bank in Orlando area.
Bank OZK - (6 openings, 5 closings)
Exited Alabama & South Carolina, closed branches in AR, FL, GA, and NY as part of restructuring.
City National Bank - (1 opening, 1 closing)
No significant plans reported; small bank in FL, mostly in Miami and Broward.
Comerica Bank - (0 openings, 1 closing)
Announced 26 closures in AZ, CA, MI, and TX to optimize branch network and focus on other investments.
First Citizens Bank - (0 openings, 2 closings)
No significant plans reported.
Firstbank of Puerto Rico - (0 openings, 2 closings)
No significant plans reported.
Hancock Bank of Florida - (1 opening, 1 closing)
No significant plans reported.
HSBC - (0 openings, 5 closings)
Planning to exit all retail banking operations in the US, exploring sale of remaining branches. Expected to maintain 20-25 locations as "international wealth centers."
Ocean Bank - (2 openings, 1 closing)
No significant plans reported; small bank in FL, mostly in Miami.
Popular Community Bank - (3 openings, 2 closings)
No significant plans reported; operates in NY, FL, Puerto Rico, Virgin Islands.
The Bank of Tampa - (1 opening, 0 closings)
No significant plans reported; small bank in Tampa area.
United Community Bank - (12 openings, 4 closings)
Active in mergers and acquisitions, making 10 deals in 8 years, adding over $10 billion in assets. Now has 200 branches across the Southeast.
US Century Bank - (1 opening, 1 closing)
No significant plans reported; small bank in FL, mostly in Miami.
Large Decreases: Both Bank of America and Wells Fargo show significant reductions in their store quantities over these years, indicating a strategic shift away from physical branches.
Recovery Trends: Some banks like Trustco Bank and United Community Bank are increasing their store quantities in 2024, possibly signaling an expansion strategy or recovery after closures.
Consistent Decliners: Banks like Truist Bank and First Horizon Bank have consistently reduced their store quantities, reflecting a possible focus on digital banking or cost-cutting measures.
Expansion: Flagstar Bank stands out with a significant increase in 2023, which might indicate an aggressive growth strategy or market penetration.
These trends reflect broader industry movements towards digital transformation, cost optimization, and strategic realignments within the banking sector.
Bank of America: Opened 9 new branches but closed 49, focusing on expanding to new markets (Alabama, Louisiana, Nebraska, Wisconsin) and consolidating existing ones.
BankUnited: Closed 15 branches and opened 3, mostly concentrated in Florida.
Centennial Bank: Maintained stability with 4 openings and 5 closings.
Chase Bank: Aggressively expanding with 13 new branches and 14 closures; plans to open 500 new branches by 2027.
Fifth Third Bank: Opened 25 and closed 9 branches, focusing on expanding in the Southeast.
PNC Bank: Closed 16 branches but plans to open 100 new branches by 2028.
Regions Bank: Rebalancing with 4 openings and 13 closures, emphasizing digital services and branch redesigns.
Seacoast National Bank: Significant expansion with 38 openings and 15 closures, focusing on high-growth markets.
South State Bank: Preparing for a major expansion through acquisition.
TD Bank: Opened 14 branches with minimal closures, planning to open 150 new branches by 2027.
Truist Bank: Significant consolidation with 132 closures and 12 openings post-merger.
Wells Fargo: Struggling with regulatory issues, resulting in 60 closures and 10 openings.
Amerant: Focused on South Florida and Tampa, with 4 openings and 3 closures.
Flagstar Bank: 26 openings and zero closures, uniting branches under one name.
HSBC: Exiting retail banking in the U.S., planning to convert remaining branches to "international wealth centers."
United Community Bank: Actively expanding through mergers and acquisitions, adding significant assets and branches.
Top Banks by Branch Numbers: The top four banks (Wells Fargo, Truist Bank, Bank of America, Chase Bank) operate 50% of all branches, while the top ten operate 77%.
The Top 10 in Florida
Wells Fargo
Truist Bank
Bank of America
Chase Bank
Regions Bank
PNC Bank
Fifth Third Bank
TD Bank
South State Bank
Synovus Bank
Branch Decline: The number of bank branches in the U.S. has steadily declined since peaking at 83,000 in 2008, reaching 70,000 by June 2023. This represents an annual decline of 1.5% over 11 years.
Causes: The decline is fueled by the decreasing number of federally insured commercial banks, mergers due to government deregulation in the '80s and '90s, and the impact of the 2007-2009 financial crisis. The rise of digital banking and changes in consumer preferences have also reduced the need for physical branches.
Current Statistics: As of January 1, 2022, Florida had 3,813 bank branches across 38 banks. This number has slightly decreased to 3,575 branches.
Welcome to our new series, "Banking Evolution in Florida: Trends and Transformations (2022-Present)." In recent years, the banking landscape in Florida has undergone significant changes, reflecting broader national trends and unique regional dynamics. From the steady decline in the number of physical bank branches to the strategic expansions by major players, the way Floridians bank today is markedly different from just a decade ago.
This series aims to delve into the factors driving these changes, highlight key players shaping the industry, and explore the impact on consumers and communities across the state. We will examine the strategies of major banks, the rise of digital banking, and the implications of mergers and acquisitions. Whether you’re a banking professional, a consumer, or simply interested in the financial trends affecting Florida, this series will provide valuable insights and a comprehensive overview of the evolving banking sector.
The GLA absorption in 2022 was significant at 3.8 million square feet, but 2023 was drastically lower at 0.7 million square feet, a decrease of 81% primarily caused by Bed Bath & Beyond and Tuesday Morning exiting the market.
“... a decrease of 81% primarily caused by Bed Bath & Beyond and Tuesday Morning exiting the market. ”
Notable Highlights
Grocery / Warehouse Club / Liquor sector had the highest increase in GLA.
Home Furnishings / Appliance sector experienced the largest decrease in GLA.
Discount, Apparel, Fitness, and Home Improvement / Hardware saw significant increases in GLA.
The Pharmacy / Beauty Supply sector and the Office Supply sector both experienced declines in GLA across the observed years.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Courtney has been an integral part of the Woolbright team for over 11 years, initially joining as a Lease Administrator. From the outset, Courtney has demonstrated exceptional dedication to mastering the nuances of the Leasing division. Her commitment to continuous improvement and enhancing operations at Woolbright is evident in her proactive approach.
