Home Info Newsroom As Banks Shutter Branches, Credit Unions Continue to Build

As Banks Shutter Branches, Credit Unions Continue to Build

Authored By: Lewis Wood on 10/7/2022

Source: American Banker

The COVID-19 pandemic forced credit unions to rethink the function of branches, but recent data shows that they continue to open more locations — even as banks do the opposite. 

U.S. credit unions opened 66 branches and closed 51 in the second quarter, pushing the industry's total branch count to 19,974, according to the latest data from S&P Global Market Intelligence. By comparison, in 2021 credit unions opened 86 branches in the second quarter while closing 62. 

Oregon saw four net branch openings in the second quarter of this year, the most for any state, followed by Texas and Wisconsin with three net openings each. In contrast, Georgia had the most net closures, at five, according to S&P Global.

At the same time, U.S. banks shuttered a net 2,927 branches last year, according to a tally by S&P Global Market Intelligence. That set a record, the firm said.


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