More bank closures coming in CA amid shift towards mobile banking 

Published on

CALIFORNIA – The Bank of America located at 101 W. Ridgecrest Blvd. in Ridgecrest is scheduled to close next year according to a letter sent in October. 

The closing follows seven other Bank of America closures in California and a total of 15 nationwide in October.

But Bank of America isn’t the only bank closing physical locations in California – City National Bank closed four locations, Chase closed three and Wells Fargo is closing seven in the coming weeks.

Bank of America says customers will still be able to access services via online banking and the mobile banking app. Those with accounts can also access ATMs to withdraw cash and manage accounts.

Banks moving online

The closure comes amid a trend of banks moving more of their business online.

According to Insider Intelligence, between 2017 and 2021 – 7,425 branches closed in the US. That’s 9% of all locations.

“The long-term trend of shrinking branch numbers will continue as banks embrace technology and mobile banking,” said Samco Capital Markets managing director Jacob Thompson in an interview.

Photo credit: Intelligence Insider

Attracting Gen Z customers

Industry experts say banks will continue to spend on digitization as they try to attract digitally native Gen Z customers.

“Fierce competition from digital banks, fintechs, and Big Tech—along with banks’ desire to increase deposits, cut costs, and nab Gen Z wealth—signal that the bank branch closure trend is here to stay,” said Insider Intelligence.

RELATED: Apple Valley Bank of America net lease selling for $3.9 Million


Latest articles

Report says California median home price sets new all-time high at $904,210

CALIFORNIA – The California Association of Realtors (CAR) published a report, May 17, showing...

Victorville makes CA’s top 10 cities with the largest numeric change in population 

SAN BERNARDINO COUNTY – The California Department of Finance published, last month, a report...

Department of Finance says California gained 67,000 people in 2023

CALIFORNIA – The California Department of Finance released a demographic report, April 30, with...

Victorville hosting street vendor educational program May 16

VICTORVILLE – Victorville is hosting, May 16, a free, educational workshop led by San...
Powered by

More like this

Red Lobster kitchen equipment and furniture auction ends May 16

CALIFORNIA – Red Lobster announced Monday that it would be closing more than 50...

Hesperia awarding $1,000 in gift cards to resident who takes pride in their home

HESPERIA – Hesperia is asking for nominations for their quarterly Pride Enhancement Program (PEP),...

CA tourism spending reached $150.4 Billion all-time high – still world’s 5th largest economy

CALIFORNIA -- Governor Gavin Newsom announced new data, released on May 5, showing that...