There have been a rash of bank closings over the past few weeks and that now includes a national chain with many locations in Illinois that has closed dozens of branches elsewhere.

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If you happen to see a bank near you that is suddenly closed, you're not alone. That's happening in many parts of America. Best Life Online just shared news that a national bank that has many locations in Illinois has just shut the doors on dozens.

They report that Wells Fargo has shut at least 12 different locations suddenly on January 24, 2024. Let's be clear that no Illinois branches have been closed or planned to close according to this report. Here's a summary of those that have been confirmed closed by Wells Fargo:

  • California - 3 branches
  • Florida - 4 branches
  • Texas - 3 branches
  • Pennsylvania - 1 branch
  • Ohio - 1 branch

The Bank Locations website shows 13 Wells Fargo locations in Illinois at the moment. As of this writing, NONE have been affected by this rash of branch closures.

You might recall that Bank of America recently closed one Missouri location.

Why are so many banks suddenly closing?

There's no one singular answer, but many of the companies that have announced closings have mentioned how in-person banking is becoming less important compared to digital solutions. It's makes you wonder how long the brick and mortar banking of yesteryear will continue into 2024.

As this is a developing story, it will be updated if any Illinois or Missouri banks are affected.

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