FDIC data shows U.S. bank branches in decline – Quartz
The United States is rapidly losing bank branches. Between 2010 and 2019, the number of full-service bank branches rose from nearly 95,000 to just over 83,000, according to Quartz analysis of data from the Federal Deposit Insurance Corp. (FDIC). That’s a 12% loss from bank branches across the country.
With the increase in financing for individuals and small businesses online, the demand for bank branches is declining in many places. In the United States, 23 counties have lost more than 50 bank branches since 2010. Cook County, Illinois, which includes the city of Chicago, has lost more than 260 branches alone.
Not all places in the United States are losing bank branches. Of the approximately 3,200 counties in the United States, about 9% have acquired branches since 2010. The majority of them are small counties that have only acquired one or two branches. They are mostly located in the central United States, in areas where there has been an oil and gas boom.
There were also four counties which have won more than 10 branches since 2010. The county with the largest gain was Kings County, New York, which is made up of the borough of Brooklyn in New York. It went from 344 branches in 2010 to 377 this year. It was followed by Santa Clara County, California, which includes San Jose; St. Louis County, Missouri, made up of most of the suburbs of the city of St. Louis; and Williamson County, Tennessee, a suburb of Nashville.
The boost in Brooklyn bank branches makes sense. The region has a rapidly growing economy and an increasingly young and affluent population. Santa Clara is already one of the wealthiest counties in the United States, and incomes are growing rapidly due to the region’s tech boom. Williamson County is also one of the wealthiest in the United States, and the county’s population has grown by 50% since 2005. The increase in bank branches in St. Louis County is more surprising, given that ‘it is not particularly prosperous and its population has declined since 2000. Most of the increase in St. Louis is the result of two regional banks, the Great Southern Bank and the Simmons Bank, which have added branches. in the county at a rate not seen anywhere else in the country.