Banks continue to shut down branches, and your bank may be the next one to close its doors.
The trend has affected banks like Wells Fargo, Bank of America, and TD Bank. It has also led to the closing of KeyBank branches.
KeyBank recently announced its plans to close several branches nationwide this year. Is your branch one of the spots closing its doors? Check this list to find out if you might need to open a new bank account somewhere.
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1. Colorado
- 1130 Haxton Drive, Fort Collins
Fort Collins will still have two KeyBank locations within the city after the closure of the Haxton Drive location.
Colorado is one of five states out west with KeyBank locations, and there are 25 cities in Colorado where you can find one.
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- 19730 Darden Rd., South Bend
The Darden Road location is one of three branches in South Bend but the only one affected by the closure.
This location is also the closest to the University of Notre Dame campus, which could be an issue for city college students who use this branch for their banking.
3. New York
- 525 Titus Ave., Rochester
Rochester residents may not have to worry too much about this branch on Titus Avenue closing as the city is home to 13 other KeyBank branches.
New York has 227 KeyBank branches, with Rochester having the most branches. Buffalo comes in second with 12 branches.
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- 4131 SE Hawthorne St., Portland
The Hawthorne Street location is the only one of Portland’s 13 locations that KeyBank cut.
The city has the largest number of KeyBank branches, with a total of 63 branches in the state.
5. Washington
- 3917 N 26th St., Tacoma
- 2707 Colby Ave., Everett
- 434 Queen Anne Ave. N, Seattle
Just north of Oregon is Washington, with 141 branches. But the state will be saying goodbye to three of them this year.
Tacoma and Seattle have the largest number of KeyBank branches in the state. Everett, on the other hand, will only have two branches left after the closure of Colby Avenue.
Other bank closings could hurt you
KeyBank isn’t the only bank to announce branch closures. Chase, Wells Fargo, and TD Bank have also shuttered branches.
It’s a trend that is continuing from 2023 into this year. Bank of America, for example, closed 160 branches in 2023 and announced additional closures this year.
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Banks announced a total of 41 closures over just one week in January. For the week starting January 15, the branch closings were announced by companies like Chase, U.S. Bank, and Bank of America.
Throughout January, almost 140 branches were put on the chopping block across the country, so you’ll want to see if your local bank branch is closing anytime soon.
Banks that closed in 2024
The good news is that no banks have announced they are closing entirely in 2024.
But that doesn’t mean banks aren’t struggling. One bank to keep an eye on is New York Community Bank, which needed an infusion of cash to stay afloat.
The bank recently announced that it was struggling after a surprise loss because of bad commercial real estate loans.
Bank closures in 2023
Although there were only five major bank closures in 2023, a few of them made big headlines at the time.
In March 2023, Silicon Valley Bank in California and Signature Bank in New York failed within days, causing customers to worry about their funds.
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Bottom line
It’s important to monitor your bank account balance to see where you stand financially .
It’s also a good idea to diversify your savings, perhaps having a checking and basic savings account with one bank.
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