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

Industry News

Newfi And Addy AI Announce Partnership

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending.Newfi has built innovative lending products and a modern approach to the mortgage market. As the industry evolves, the company continues to exp...

Analysis and Data

Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Homebuyers are putting less money down than they were a year ago, another sign that increased inventory and greater negotiating room are changing the purchase market.The typical down payment fell to $27,100 in the second quarter of 2026, the lowest second-quarter dollar amou...

Nov

Pasadena, CA

More from

Industry News

CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News

Sep 23, 2026

Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News

Sep 23, 2026

Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies

Sep 23, 2026

Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance

Sep 22, 2026

MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News

Sep 22, 2026