For the third year in a row, banks trimmed their U.S. branches across the nation, according to SNL Financial, an industry tracker.
The banking industry cut 867 branches nationwide during the year ended June 30, bringing the total to 97,337 closed branches. By comparison, branches declined by about 316 the previous year, and by about 1,030 in the year ended June 30, 2010.
Meanwhile, U.S. deposits climbed 8.4 percent to $8.9 trillion this year, outpacing the roughly 7.47 percent deposit growth in the prior year.
Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. held onto the top four spots in terms of total domestic deposits at U.S. banks and thrifts. JPMorgan and Wells Fargo both experienced deposit growth of more than 12 percent, while Citi’s deposits climbed nearly 24 percent.
Capital One Financial Corp. ascended to the fifth spot in the rankings, with deposit growth of more than 80 percent, thanks in large part to the acquisition of ING Direct USA, the marketing name for ING Bank FSB.
Capital One’s rise pushed U.S. Bancorp and PNC Financial Services Group Inc. to sixth and seventh place, respectively.





