It was a relatively quiet month for bank branch activity in December, as JPMorgan Chase established one local branch while Bank of America closed an ATM location, according to the latest data from the OCC.
Bank of America is investing $100 million in its branch network in Massachusetts from 2023 to 2025, for new branch establishments and renovations.
Bank of America is closing three of its branches in Greater Boston while Citizens Bank continues to replace branches in grocery stores with video teller-enabled interactive teller machines.
JPMorgan Chase continued its Massachusetts expansion as it opened three branches in October, while TD Bank and Citizens Bank filed to open Boston branches, according to the latest information from the Office of Comptroller of the Currency.
Two national studies show that US bank consumers are shifting their preferences more to digital banking platforms, both mobile and online, instead of opting to go to branches – particularly to branches inside big retailers.
Berkshire Bank is expecting to close down more branches in 2024 as a part of its three-year restructuring plan geared on leaning towards improvement of its digital banking platforms.
Eastern Bank said the merger with Cambridge Trust will lead to some branch closures, with many of both banks’ branches less than a mile from each other.
Boston-based Berkshire Bank plans to close four of its branches in the Berkshires, three of which had been temporarily closed or operating with reduced hours since the pandemic.
Eastern Bank has not yet identified which branches will close as part of its merger with Century Bank, but the state bank regulator expects Eastern to seek approval for branch closures, according to the latest public notice for the proposed merger.
New England will lose dozens of bank branches in the next couple of years as several lenders shutter locations inside supermarkets, as persistently small margin spreads make these locations unprofitable.
Webster Bank could see $18 million in cost savings from its plans to close branches and take other steps to reduce expenses.
