Chase Bank's new branch in Cambridge's Harvard Square. Photo by James Sanna | Banker & Tradesman Staff

The banks with the largest footprint in Massachusetts reduced numbers of their physical bank branches in 2023, as banking industry profits were challenged by the high interest rate environment.

According to data from the OCC, a total of 19 branches were opened in 2023 and 15 branch applications were approved or received by the OCC. Fifty-four branches were shuttered last year and another 10 branches are set to be closed this year based on applications filed in 2023.

JPMorgan Chase was the only bank that significantly boosted the number of its physical bank branches this year, opening a total of 15 branches and applying to establish 12 more. It also closed down two branches in Boston – its Back Bay and One Post Office Square locations.

Chase is in expansion mode across New England until 2025, aiming to increase its branch count to 90 in Massachusetts.

PNC Bank opened branches in Framingham and Somerville and applied to open one in Quincy, while TD Bank opened an office in Jamaica Plain and filed with OCC to open one in Roxbury.

While opening a branch on 1367 Boylston St. in Boston and applying to establish one on 772 Boylston St., Citizens Bank focused on closing down branches inside Stop & Shop stores last year. It shuttered a total of 10 branches last year, six of them in Stop & Shop stores, while applying to close four more including its Medford Stop & Shop office, and branches in Dedham, Dorchester, and Springfield.

Amid its nationwide branch consolidation campaign and company reorganization, Santander Bank had a total of 39 branch closures in Massachusetts last year, seven of them in Boston.

According to OCC data, Bank of America closed down three Massachusetts branches in 2023 and is planning to close six more. The bank earlier said it is planning to open three branches in Massachusetts this year.