Banks nationwide have collectively reduced their total number of branches by 390 during the third quarter, according to data announced Monday by SNL Financial. The closings are part of an ongoing trend of banks closing more branches than they open.
Financial institutions cut the most branches in Florida, Pennsylvania and Indiana, according to the report. SunTrust Banks Inc. and Bank of America Corp. were the leaders in net closings in the quarter.
The branch reductions come amid ongoing trends of mergers and acquisitions among banks and customers increasingly transacting with their financial institutions through digital channels.
To accommodate these trends, banks have been testing out new branch concepts that come with self-service technology and leaner staffs.
The data also found that JPMorgan Chase & Co and ST Financial Group topped the list of banks that opened more branches than they closed during the quarter.