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While Bank Branches Close, There Are 1,000 More Bank Branches Than 2006

Jul. 25, 2013 2:01 PM ET
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(SNL Feature Exclusive Story)

As of July 5, 2013, SNL Financial reports Wells Fargo leads with the number of branches, 6,215, followed by JP Morgan Case at 5,646, then Bank of America at 5,396, U.S. Bancorp at 3,120, and PNC Financial at 2,9577.

SNL reports "No income sector was immune to branch closures in 2013; however, the industry still boasts over 1,000 more branches than it did on June 30, 2006. In the year to June 30, 2013, branches in the lowest-income areas, those with a median household income below $25,000, posted their largest number of net closures since 2010."

The report by Hina Nawaz and Tahir Ali also notes, "Total branches in the highest-income areas have grown by 519 since June 30, 2006, equal to a 7.69% increase, the highest among all income ranges.

In contrast, branches in the lowest-income areas fell by 3.14%, propelled by consistent bank closures over the last five years resulting in a total of 182 fewer branches since 2006."

"Areas with a middle median household income of $50,000 to $100,000 started with 34,743 branches at mid-2006. By 2013, that number increased by a net total of 1,336, a 3.85% increase, despite having net branch closures in each of the last four years.

"At year-end 2013, census tracts with a median household income between $25,000 and $50,000, or with moderate income, continued to host almost half of all bank branches despite a 1.36% decline in branches since 2006."

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