- In the first half of 2020, there were 150 branch closings
- The total number of banks plunged from 9,613 in 2001 to 5,177 in 2019
- Many branches that have “temporarily” closed due to the pandemic, will close permanently.
The COVID-19 pandemic has accelerated the pace of the closure of bank branches – a trend that was well underway long before the virus emerged in the U.S. economy.
Mergers, rapid consolidation, the rising popularity of digital banking have all contributed to a gradual reduction of physical branches.
James R. Barth, the Lowder eminent scholar in finance at Auburn University in Auburn, Alabama, told International Business Times that in the first half of 2020, there were 150 branch closings.
The number of branches reached a peak of 91,365 in 2009 and declined thereafter to 81,054 by 2019. Meanwhile, the total number of banks plunged from 9,613 in 2001 to 5,177