America’s banks closed a net of 332 branches during the first quarter of 2015, according to a new report from SNL Financial.
From April 1, 2014, through March 31 of this year, American banks and thrifts opened 1,023 branches and closed 2,464 for a net loss of 1,441 branches. These totals exclude credit unions.
In the first quarter of 2015, Massachusetts saw one new branch open and three old branches close, for a net loss of two branches, while Connecticut experienced a net loss of five branches, with four opening and nine closing.
SNL said that PNC Financial Services Group lead the pack, closing a net of 38 branches over this most recent quarter and a net of 55 closures over the past four quarters. The company said in its recent earnings release that the number of consumers using nonteller channels for the lion’s share of their transactions had ticked up to 50 percent in this quarter, compared with 49 percent in the previous quarter and 43 percent in the year-ago quarter.
JPMorgan Chase & Co. closed 31 branches on a net basis in the first quarter, SNL said, in line with its February announcement that it intended to shutter 300 branches by the end of 2016.
With just four net openings, Toronto-Dominion Bank was the most active branch opener in the first quarter of 2015.



