Latest news with #branchclosures
The Sun
13-06-2025
- Business
- The Sun
Major high street bank to shut TEN stores next week and 37 more in July as millions of Brits told to close accounts
A MAJOR high street bank is set to shut ten UK branches next week, in a huge blow to the high street. Santander announced in March that 95 of its branches will be closing, due to more customers making the switch to online banking. 2 2 A total of 23 branches in June, including 10 next week and 13 the week after. In July, 37 more Santander sites will get the chop, with 35 more set to close by the end of the year. A statement on the Santander website reads: "We last did a major review of our branches in 2021. "Since then, many of our customers are choosing to use Mobile, Online and Telephone Banking more, and branches less." However, the closures have led to fears that older customers, who prefer to do their banking face to face, will be left behind. Age UK is campaigning for banks to keep some banking services in person, as four million older Brits are unable to manage their finances online. Caroline Abrahams, charity director at Age UK, said: 'Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks. "The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.' In order to combat this issue, 73 banking hub s have been set up across the UK, with customers from any bank able to use the in person service. In addition to the 95 closures, Santander will also be making changes to its surviving branches. This includes cutting opening hours in half, and making some businesses "counter free." The reduced hours will come into force on June 30, with 36 branches affected. Satander is also opening work cafes which provide free co-working spaces and banking facilities to anyone, regardless of whether they are Santander customers. And Santander isn't the only bank to close branches, with research from Which? revealing that 6,300 bank and building societies have closed since January 2015. This averages to 53 store closures per month. A total of 102 banks are set to close This includes major providers like Lloyds, Natwest and Halifax, in addition to Santander's closures. Meanwhile Nationwide has promised to keep its nearly 700 branches open until the start of 2028 as they claim more customers are visiting its stores. Muir Mathieson, Nationwide's chief financial officer, recently said: 'The branches are thriving. 'We're seeing the number of people going into branches going up, and we think part of that increase is that there are fewer branches on the high street now that our competitors have closed theirs.'
Fast Company
10-06-2025
- Business
- Fast Company
Flagstar Bank just closed dozens of branches in 5 states. See full the list of locations that shuttered in May
This year has not been kind to retailers in terms of store closures. But brick-and-mortar shops are not the only retail category that has experienced a decline in 2025. Banks are closing retail locations, too. One of America's largest regional banks, Flagstar, closed 24 branch locations on May 30. The closures come after the bank's parent company, Flagstar Financial, announced in January that it would be shuttering 60 branches this year. Here's what you need to know about the latest Flagstar branch closures. What's happened? On May 30, Flagstar shut 24 bank branches for good, according to the Office of the Comptroller of the Currency (OCC), which is an independent bureau of the U.S. Department of the Treasury. The OCC regulates national banks in the United States. In its weekly bulletin for the period from May 25 to May 30, 2025, the OCC says that 24 Flagstar Bank branches were closed. However, the closures did not come as a surprise, as the company announced in January that it would shutter 60 branches. As Banking Dive previously reported, Flagstar Financial announced it would close the locations in an effort to consolidate its retail footprint and cut $600 million in operating costs from its balance sheet by the end of the year. Running physical locations incurs significant operating costs, and as more people turn to online banking first and try to avoid visiting branches if possible, those branches are used less, leading to a reduced return on investment for banks. Which Flagstar Bank branches have closed? According to the OCC, 24 Flagstar Bank branches closed on May 30. The branch closures impact locations in five states: Indiana, Michigan, New Jersey, New York, and Ohio. New York saw the most Flagstar Bank branches close in this round, with nine locations shutting down. Michigan and New Jersey saw six locations each shutter. Indiana saw two close and Ohio one. Here are the locations of the closed branches in each state. Indiana 5770 COVENTRY LANE FORT WAYNE IN 2926 MISHAWAKA AVENUE SOUTH BEND IN Michigan 210 WEST HURON STREET ANN ARBOR MI 29049 JOY ROAD WESTLAND MI 914 CHARLEVOIX DRIVE GRAND LEDGE MI 4675 32ND AVENUE HUDSONVILLE MI 5151 CORPORATE DRIVE TROY MI 500 WOODWARD AVENUE, Detroit, MI New Jersey 949 BROADWAY BAYONNE NJ 142 BROAD STREET ELIZABETH NJ 36 FERRY STREET NEWARK NJ 198 JEFFERSON STREET NEWARK NJ 2624 MORRIS AVENUE UNION NJ 133 S. LIVINGSTON AVENUE LIVINGSTON NJ New York 30TH AVENUE, ASTORIA, NY 625 ATLANTIC AVENUE BROOKLYN NY 102 DUFFY AVENUE HICKSVILLE NY 1608 KINGS HIGHWAY HOMECREST (BKLYN) NY 66-77 FRESH POND ROAD RIDGEWOOD NY 65-30 KISSENA BLVD. FLUSHING NY 509 OLD COUNTRY ROAD PLAINVIEW NY 194-02 NORTHERN BOULEVARD FLUSHING NY 100 JERICHO QUADRANGLE JERICHO NY Ohio ONE NORTH HAWKINS AVE. AKRON OH Flagstar's stock price soars since closure announcement While many people prefer the ease and convenience of online banking, closures of physical bank branches can still have a negative impact on communities and certain groups of individuals. This is particularly true for older individuals who may not be as adept at using the internet or app-based banking, or who may simply prefer to visit a physical branch location to discuss their banking needs with a representative. Still, financial companies looking to cut costs often turn to branch closures as the quickest way to do so (that, and employee layoffs). And investors in those banks generally react favorably to those types of moves. Indeed, since Flagstar announced in January that it would close 60 branches, the company's stock price (NYSE: FLG) has soared. At the start of the year, FLG stock was trading in the $9 range. But by the end of January, after the company announced the branch closures, FLG stock jumped to nearly $12 per share. Year-to-date, FLG stock is currently up over 27% as of the time of this writing. On April 25, Flagstar Financial announced its Q1 2025 earnings, in which the company revealed that its operating expenses declined 22% year-over-year. The company says that as of March 31, Flagstar Bank held $97.6 billion in total assets, $73.9 billion in total deposits, and operated approximately 400 locations. Its online branch locator tool shows that as of today, there are 363 Flagstar Bank locations in the United States.
Daily Mail
07-06-2025
- Business
- Daily Mail
EXCLUSIVE One in four senior bank staff say closing branches 'isn't a concern'
More than a quarter of senior banking professionals say the closure of bank branches isn't a major concern for their business, figures seen by This is Money reveal. While as many as 27 per cent of senior bank staff said branch closures weren't a challenge to their business, the same cannot be said for the public. There is growing concern over access to bank branches, as more find themselves living in bank and cash machine deserts. Some 60 per cent of bank customers said closures have made it more difficult to speak to a member of staff, according to the data from credit information provider CRIF. A majority also said banks are now less focused on serving and looking after their customers than they were five years ago. A third said the increasing numbers of bank closures have made it more confusing to get what they need form their bank because they are now unable to speak to bank staff directly and instead often have to find information on their website. As many as 13million banking customers still rely on physical branches, recent figures from the Financial Conduct Authority reveal. Sara Costantini, regional director for the UK and Ireland at CRIF, said: 'Financial services have changed rapidly over the last decade, as people continue to embrace digital banking and manage multiple aspects of their finances online. 'The knock-on impact of this has been the reduction in physical, in-person banking services. 'While many working in the sector don't see this as a major challenge to their business, bank branch reductions are continuing to fuel concerns over the quality of customer services and what further closures may mean for the future.' How many bank branches are closing? According to data from Which?, some 379 bank closures have been earmarked for 2025, with a further 22 already planned for 2026. This is despite rules brought in last year that banks must prove to regulators that local communities will still have free cash access if they close their branch. Since 2015, there have been as many as 6,377 branch closures across the UK, meaning two thirds of all the branches open in 2015 have now closed. Bank closures are increasingly giving rise to the creation of banking deserts. Data from Nomis shows that in 2024 there are as many as 15 'grey zones' in the UK. North East Derbyshire, a district with more than 100,000 residents, has no bank branches whatsoever. In the CRIF survey, a fifth of consumers said they are concerned about the closure of more bank branches over the coming five years. Costantini said: 'The findings highlight the difficult tightrope that banks now need to walk, balancing the need to ensure their digital services remain cutting edge and up to scratch, which has become a competitive area for so many, without losing the personal touch that more traditional services offer.' Meanwhile, its not just bank branches that are shutting their doors. Between October 2019 and January 2024, there was 30 per cent reduction in the size of the UK's ATM network, likewise creating ATM dead zones and stifling Britons' access to cash. Some 23,000 ATM's are expected to be closed, leaving just 15,000 across the country, according to the UK's ATM network, Link.
The Sun
29-05-2025
- Business
- The Sun
All the 102 bank branches shutting this month including Lloyds, Santander, NatWest and Halifax
DOZENS more branches are closing in June in a blow to customers who rely on in-person banking. Some of the biggest banks including Lloyds, NatWest, Santander and Halifax are axing sites over the coming days and weeks. 1 NatWest said in January it would close down 53 branches across this year. Santander then announced in March it would be closing more than a fifth of its high street branches. Halifax and Lloyds are both owned by Lloyds Banking Group which has the largest branch network in Britain. The group has announced 254 branches closures taking place over the next year. Here are the branches being lost this month: Lloyds Alcester June 25 Ashbourne June 24 Dorchester June 19 Launceston June 3 Liverpool June 4 New Milton June 13 Pembroke Dock June 26 Sheffield June 26 Southampton June 9 Southsea June 2 Spennymoor June 26 Stanley June 26 Tonypandy June 30 Warwick June 24 Welwyn Garden City June 11 Woodbridge June 25 Halifax Bitterne – June 9 Bournemouth – June 4 Felixstowe - June 2 Fleetwood - June 25 Gainsborough - June 2 Kingsbury - June 2 Horsforth - June 3 Launceston - June 3 Letchworth - June 3 Leek - June 4 Littlehampton - June 23 London (North West) – June 2 Mold - June 5 Welwyn Garden City - June 11 St Annes On Sea - June 12 NatWest Accrington - June 5 Alfreton - June 2 Beverley - June 25 Bridlington - June 11 Ellesmere Port - June 4 Garstang - June 26 Keighley - June 16 Leeds, Cross Gates - June 10 Leek - June 16 Manchester - June 11 Mansfield - June 26 Mexborough - June 3 Nantwich - June 19 Newark-on-Trent - June 17 Nottingham, West Bridgford - June 24 St Annes On Sea - June 24 Stafford - June 25 Stockport, Hazel Grove - June 19 Stockport, Heaton Moor - June 3 Stockton-on-Tees - June 4 Stoke-on-Trent, Longton - June 5 Uttoxeter - June 2 Washington - June 17 Worksop - June 18 Inside the hubs restoring high street banking and reversing the tide of mass branch closures Santander Aberdare - 24 June Arbroath - 17 June Blackwood - 23 June Brecon - 25 June Clacton - 16 June Colne - 14 June Croydon - 16 June Dungannon - 23 June Eltham - 23 June Fleet - 30 June Gateshead Metro - 16 June Glasgow LDHQ - 24 June Glasgow MX - 23 June Greenford - 24 June Kidderminster - 18 June Kilburn - 17 June Launceston - 16 June Louth - 17 June Magherafelt - 24 June Musselburgh - 30 June Peterhead - 16 June Portadown - 30 June Swadlincote - 30 June The closures comes as Nationwide Building Society claims its branches are thriving. The provider recently said almost 200,000 more customers used its branches in the financial year to the end of March, compared with the prior year, data from the group revealed. The provider has promised to keep all of its nearly 700 branches open until at least the start of 2028. Nationwide said more customers are coming through the doors over the past year as rival banks slash their high street network. Muir Mathieson, Nationwide's chief financial officer, recently said: 'The branches are thriving. 'We're seeing the number of people going into branches going up, and we think part of that increase is that there are fewer branches on the high street now that our competitors have closed theirs.' Customers want face-to-face contact particularly if they have concerns about fraud, or if they want reassurance about a specific process or account, Mr Mathieson added. He also indicated that people feel more comfortable handling bigger sums of money in a branch. About 5.7 million customers visited a branch at least once during the year. Nationwide's branch promise extended to Virgin Money after buying the bank for £2.8 billion last year. Banks closing branches say they are adapting to meet changing behaviours of their customers, who increasingly want to do banking on their phones or online. What to do if your local bank is set to close There are still a number of ways people can access basic banking services without having to venture to another town with a branch. You can use one of the Post Office's 11,684 branches to perform basic banking tasks — but not to open new bank accounts or take personal loans and mortgages. You can find your nearest Post Office branch by visiting Many banks also offer a mobile banking service - where they bring a bus to your area offering services you can usually get at a physical branch. Other banks use buildings such as village halls or libraries to offer mobile banking services. It's worth contacting your bank to see what mobile services they have available, and when they might next be in your area. New super ATMs are being rolled out across the UK where branch closures have left residents unable to access essential banking services. These ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash. What services do banking hubs offer? BANKING hubs offer a range of services to bridge the gap left by the closure of local branches. Operated by the Post Office, these hubs allow customers to perform routine transactions such as deposits, withdrawals, and balance enquiries. Each hub features private booths where customers can discuss more complex banking matters with staff from their respective banks. Staff from different banks are available on a rotational basis, ensuring that customers have access to a wide range of banking services throughout the week. Additionally, customers can receive advice and support on various financial products and services, including loans, mortgages, and savings accounts.
The Sun
18-05-2025
- Business
- The Sun
More than 13million Brits still rely on bank branches despite a whopping 6,000 of them closing over last decade
MILLIONS of bank customers face being left stranded after a damning report revealed 6,000 branch closures over the past decade. A whopping 13million customers used bank branches last year, according to the Financial Conduct Authority (FCA). 1 The data shows that most users remain "reliant on bank branches for essential services," despite the move toward online banking. The FCA report revealed that an eye-watering 9.7million people visited a specific site at least once a month. Experts fear that the trend of branch closures will leave customers stranded with around 3.3million account holders never banked online. Around 63 per cent of those are over the age of 85, which raises further concern, according to the FCA. The report also found that people from low-income households - as well as those with cancer, multiple sclerosis, or HIV — were less likely to engage with digital banking. Caroline Abrahams, charity director at Age UK, said: "The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to maintain their independence." The main reasons people avoided online banking were concerns about security and a preference for speaking to someone face-to-face. A staggering 21 per cent of account holders surveyed said their regular bank branch had closed. Consumer group, Which?, showed that more than 6,000 branches have shut in the past decade. Jenny Ross, money editor at Which? said: "As the UK's bank branch network continues to be cut to the bone, more people are finding it difficult to access banking services." Major high street bank axing key service Former pensions minister Ros Altmann added: 'Millions of British citizens cannot and do not use online or mobile banking, and indeed don't even have a smartphone. Despite the rising bank closures, Nationwide has committed to keeping all of its branches open until 2028. The major bank has seen the number of customers rise by 4 per cent, which appears to be partly driven by other bank closures. Which bank branches are closing in June? Halifax: Bitterne: 400/402 Bitterne Road SO18 5RS – June 9 Bournemouth: 335/337 Wimborne Road BH9 2EA – June 4 Felixstowe: 85 Hamilton Road IP11 7BQ – June 2 Fleetwood: 4 Poulton Street FY7 6LR – June 22 Gainsborough: 32 Lord Street DN21 2DQ – June 2 Launceston: 1 Southgate Street PL15 9DP – June 3 Leek: 16 Derby Street ST13 5AB – June 4 Letchworth: 1 Commerce Way SG6 3DN – June 3 Littlehampton: 68 High Street BN17 5EA – June 23 London (North West): 469 Kingsbury Road NW9 9ES – June 2 Bank of Scotland: Bathgate: 50 Hopetoun Street EH48 4EU – June 30 Cowdenbeath: 349/351 High Street KY4 9QJ – June 24 Linlithgow: Regent Centre Blackness Road EH49 7HU – June 23 Lloyds: Alcester: Stratford Road B49 5AX – June 25 Ashbourne: Compton DE6 1DY – June 24 Dorchester: 1-2 High West Street DT1 1UG – June 19 Launceston: 13 Broad Street PL15 8AG – June 3 Liverpool: 188-190 Breck Road L5 6PX – June 4 Over the rest of the year, another 40 branches are closing. These include locations in Bristol, London, Bolton, Edinburgh and Coventry. Here is the full list... Halifax: Barrow-in-Furness: 133-135 Dalton Road LA14 1HZ – September 10 Bexleyheath: 131 Broadway DA6 7HF – October 23 Blackpool: 283/287 Lytham Road FY4 1DP – October 29 Bolton: 23/27 Knowsley Street BL1 2DG – November 20 Brentwood: 12 High Street CM14 4AE – September 10 Bristol: 15 Kings Chase Shopping Centre BS15 8LP – October 8 Carmarthen: 121/122 Lammas Street SA31 3AE – October 6 Castleford: 68 Carlton Street WF10 1DB – September 8 Cirencester: 10/12 Cricklade Street GL7 1JH – September 25 Crewe: The Market Centre CW1 2HU – October 14 Derby: 39 East Street DE1 2BL – October 23 Epsom: 51-52 The Ashley Centre KT18 5DB – September 15 Erdington: 221 High Street B23 6SS – September 24 Folkestone: 70-72 Sandgate Road CT20 2AA – October 9 Hayes: 45/47 Station Road UB3 4HH – October 6 Hexham: 20 Priestpopple NE46 1XH – November 5 Hove: 86/87 George Street BN3 3YE – October 20 London (South East): 165/169 Eltham High Street SE9 1TT – October 29 London (South East): 9-13 Powis Street SE18 6HZ – October 1 London (South West): 6 St Johns Hill SW11 1RU – September 23 Bank of Scotland: Edinburgh: 206 St John's Road EH12 8SH – October 29 Lloyds: Biggleswade: 35 High Street SG18 0JD – November 5 Blandford: 6 Market Place DT11 7EE – November 10 Bristol: 16 Highridge Road BS13 8HA – November 6 Bury: 45 The Rock BL9 0JP – October 21 Chard: 27 Fore Street TA20 1PS – November 11 Coventry: 531 Foleshill Road CV6 5JN – November 4 Dunstable: 12 High Street North LU6 1JY – November 4 East Grinstead: 1/3 London Road RH19 1AH – November 12 Fakenham: 27 Norwich Street NR21 9AH – July 1 Falmouth: 11-12 Killigrew Street TR11 3RA – November 13 Feltham: 40 The Centre TW13 4AX – November 4 Ferndown: 84 Victoria Road BH22 9JB – November 17 Hexham: Priestpopple NE46 1PA – November 5 Kidderminster: 1 Vicar Street DY10 1DE – October 16 Leeds: 1 Cross Gates Centre LS15 8ET – August 20 Leeds: 52 Town Street LS12 3AE – September 8 Leominster: 9 Corn Square HR6 8LT – November 18 London (East): 180 - 182 High Street E17 7JH – October 22 London (South West): 12 Mitcham Road SW17 9ND – October 8 Loughton: 11 The Broadway IG10 3SW – November 12 Manchester: 64 Old Church Street M40 2JF – November 5 Since June 2022, Lloyds Banking Group has shut 537 bank branches across its three brands. It has previously said all workers at the affected branches will be offered jobs elsewhere in the company. UK banks and building societies have closed about 6,293 branches since January 2015, according to research by Which?. This works out as almost two branches shutting every day for the past decade. Barclays is the individual bank that has reduced its network the most, with 1,227 branch closures. What to do if your local bank is set to close If your nearest branch is closing, you should still be able to access banking services without going to another town. For example you could check if there is a Post Office near you. Here you'll be able to do basic banking tasks, although you won't be able to open a new bank account or take out personal loans or mortgages. You can find your nearest Post Office branch by visiting Many banks also offer a mobile banking service where they bring a bus to your area that offers services you can usually get at a physical branch. Other banks use buildings such as village halls or libraries to offer mobile banking services. You may want to contact your bank to see what mobile services they have available. Another option is to check if there's a super ATM near you. These have been rolled out across the UK where branch closures have left residents unable to access essential banking services. These ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash. Banking hubs are also being opened across the country with 250 set to be available by the end of 2025. What services do banking hubs offer? BANKING hubs offer a range of services to bridge the gap left by the closure of local branches. Operated by the Post Office, these hubs allow customers to perform routine transactions such as deposits, withdrawals, and balance enquiries. Each hub features private booths where customers can discuss more complex banking matters with staff from their respective banks. Staff from different banks are available on a rotational basis, ensuring that customers have access to a wide range of banking services throughout the week. Additionally, customers can receive advice and support on various financial products and services, including loans, mortgages, and savings accounts.
