More California Banking Institutions Set to Close Additional Locations

Banks Trim Down: Further Closure Plans for California Branches Unveiled

Every week, I provide an update to my readers about the bank closures happening in the country. Recently, it has come to my attention that two bank branches located in California will be shutting down. Although it is a smaller number compared to previous weeks, it is noteworthy that California still has the highest number of bank closures in the country.

Here are the latest additions for this week:

• • Sterling Bank. 1900 Fillmore St, San Francisco
  • Bank of America. 40 West Foothill Blvd, Upland

Banks Listed to Close in the Coming Weeks

Here’s a rundown of the banks that have recently closed or are slated to close soon.

• • US Bank. 1309 North Chester Ave, Bakersfield
  • Wells Fargo. 5377 West Centinela Ave, Los Angeles
  • Wells Fargo. 535 South Myrtle Ave, Monrovia
  • Wells Fargo. 1705 N First St, San Jose
  • Wells Fargo. 3550 Wilshire Blvd, Los Angeles
  • Bank of America. 90 Pier Ave, Hermosa Beach
  • Bank of America.300 Lakeside Dr, Oakland
  • JP Morgan. 25882 MC Bbean Pkwy, Valencia
  • Bank of America. 29687 The Old Rd, Castaic
  • JP Morgan. 140 West Anaheim St, Wilmington
  • Wells Fargo. 303 2nd St, San Francisco
  • Wells Fargo. Hores Parkway, Redwood City
  • Wells Fargo. 305 W. Sepulveda Blvd, Torrance
  • Wells Fargo. 7950 West Sunset Blvd, Los Angeles
  • BMO Bank. 6055 East Washington Blvd, City of Commerce
  • JP Morgan. 14111 Riverside Dr, Sherman Oaks
  • JP Morgan. 707 Broadway, Ste 100, San Diego
  • JP Morgan. 1720 Fulton St, San Francisco
  • JP Morgan. 12555 Valley View Sy, Garden Grove

Over the past few months, Bank of America has announced the closure of thirty-one branches, while Wells Fargo has already closed ten and plans to close nine more. This year, California has seen the closure of 282 bank branches, making it the second-highest number of closures this century, second only to last year’s numbers.

Many people are concerned that the closure of numerous bank branches can result in the creation of “banking deserts” and negatively affect communities.

“We are concerned about the closures, especially in communities of color and lower-income communities because of how that affects lending. If you’re going to get a small business loan or a home loan, you’re likely going to need to go into a branch.” Paulina Gonzalez-Brito, CEO of Rise Economy, formerly the California Reinvestment Coalition

Your thoughts

Are you one of the customers being affected by these branch closures? Are you considering transitioning to online banking or switching to a credit union? Do you believe that branches should remain open to accommodate those who prefer in-person banking? How confident are you in your local bank? Why do you think there has been a surge in branch closures in California? These are some of the questions that arise in light of the recent branch closures.

We encourage you to share your thoughts in the comments section below and spread the word about this article on social media and with others. By doing so, we can increase participation in the discussion.