Report: More than 13K Bank Branches Closed Over Past Decade

Feb 21, 2020

Potential homebuyers looking to visit their local bank branch to discuss mortgage options might find the local bank branch is either closed or will soon be closed. A new study by JLL has tracked a significant decline in the number of branches.

The peak number of branches occurred in 2009 with nearly 100,000 locations. Ten years later, more than 13,200 branches were shuttered. JLL noted that the nation’s 25 largest financial institutions were jettisoning their branches at a crisp pace over the past few years, from 632 in 2016 to almost 1,250 in 2018 to 1,450 branches last year, a 3.7 percent net decline in branches.

But while physical branches are disappearing, JLL found consumers were increasing their branch deposits. According to the new report, branch deposits grew by 4.1 percent last year to $12.8 trillion, and the Federal Deposit Insurance Corp. found that deposits have grown over the past decade by $5.2 trillion, an increase of 68 percent since 2009.

However, it should be noted that branches are also opening – roughly 1,500 new branches debuted last year, and one-fifth of them were part of the top 25 financial institutions.

But what becomes of shuttered branches? JLL found 19 percent of properties were converted into fast-casual restaurants, 17 percent were reinvented as health care facilities, 14 percent became a convenience store, 12 percent became a dollar store, and 9.5 percent became a boutique fitness center.

About the author

Phil Hall

Link copied

Published

Feb 21, 2020

Analysis and Data

Redfin: Homebuyers Gain Leverage, But Pending Sales Keep Sliding

Pending sales fall 16.4% from a year ago despite lower home prices and mortgage payments, as sellers retreat from a weakening market

Home prices are falling. Mortgage payments are easing. Sellers are becoming more willing to negotiate. Yet the housing market keeps losing buyers.Pending home sales fell 16.4% year over year during the four weeks ending Nov. 1, reaching their lowest level in Redfin's weekly ...

Tech

New AI-Run Mortgage Startup Builds Database Of 224,000 LOs

LenDb.ai is making LO records available to AI assistants, offering a potential new way for borrowers to find originators

A new mortgage technology startup is betting that borrowers will increasingly turn to artificial intelligence to find a loan originator, and it wants to make sure AI knows whom to recommend.LenDb.ai, launched Thursday by venture studio Draper Goren Blockchain, has assembled ...

Nov

Pasadena, CA

More from

Industry News

Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Industry News

Oct 29, 2026

Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Industry News

Oct 16, 2026

Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Industry News

Oct 14, 2026

PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Industry News

Oct 09, 2026

Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Industry News

Oct 09, 2026

Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Industry News

Oct 08, 2026

Popular