Washington, April 7 (TASR) – For the first time since 2012, American banks opened more new branches than they closed in 2023. According to Yahoo, 94 more branches were opened than were closed last year.
This is evident from data published by the Federal Deposit Insurance Corporation (FDIC). Banks in the U.S. have thus ended a decade of consolidation that followed the financial crisis of 2008. At that time, many banks tried to save money by closing branches and redirecting customers to digital banking.
Despite the reopening of branches, their number still does not reach the pre-crisis level. At the end of 2023, there were 69,684 branches in the U.S., compared to 82,461 in 2012.
Banks Announce Plans to Open More Branches
Some large banks have already announced plans to open more branches this year. According to observers, this is an effective way for them to acquire new clients in wealth management. Acquisitions of competing companies would be lengthy and would have to be reviewed by regulatory authorities.
Key Points:
- U.S. banks opened more branches than they closed in 2023.
- This is the first time since 2012.
- Banks have thus ended a decade of consolidation.
- The number of branches is still lower than before the crisis in 2008.
- Banks are opening branches to acquire new clients.
