Number of US bank branches drop for fifth year in a row

For fifth consecutive year, US banks continued to scale down their branch network while spending more on mobile capabilities.

For fifth consecutive year, US banks continued to scale down their branch network while spending more on mobile capabilities, according to data released by FDIC.

As of June 30, the number of branches in the US stood at 94,725, down 1,614, or 1.7%, from a year earlier and down 4,825 from the peak in 2009.

This is the biggest one-year dip recorded in at least two decades by the FDIC.

Among the major banks, Bank of America saw the biggest decline in branches, to 5,094 from 5,399, The Wall Street Journal reported citing the FDIC data.

Citigroup, which recently agreed to dispose 41 branches in Texas to BB&T, saw its branch count falling from 1,031 to 958.

JPMorgan Chase’s branch count too fell to 5,679 from 5,694. However, Wells Fargo’s branches rose by 17 to 6,310 as of June 30.