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.