News & Press

May 18, 2023

Truist, Bank of America among banks with most Orlando branch closures

Multiple banks in metro Orlando slimmed their branch footprint over the past year.

From June 30, 2021 to June 30 of this year, metro Orlando lost roughly 30 bank branches, down 6% from 499 to 469 according to the Federal Deposit Insurance Corp. The region has lost 143 branches in the past decade, down 23.4% from 612 branches in 2012.

Alex Bisbee, a commercial brokerage advisor with Clearwater-based Insite Real Estate Inc., previously told Orlando Business Journal more customers have switched to digital banking, which has changed strategies for banks and branches. “There’s still a lot of banks carefully doing deals and repositioning to higher-profile areas.”

Many banks are considering the demographics of an area, as well as other factors like vehicle traffic levels. For Charlotte, North Carolina-based Truist Financial Corp, that change in strategy nationally has included plans to open 15 U.S. branches in low- to moderate-income communities or majority-minority communities through 2022.

Steve Fisher, Central Florida regional president for Truist, previously said the bank has seen the transition of more customers to online, which has shaped its retail strategy.

These banks closed some locations in the four-county metro area between 2021-2022:

  • Truist (NYSE: TFC): From 77 to 60, down 17
  • Bank of America (NYSE: BAC): From 56 to 53, down three
  • Chase Bank (NYSE: JPM): From 52 to 49, down three
  • First Horizon Bank (NYSE: FHN): From 12 to 10, down two
  • Wells Fargo Bank (NYSE: WFC): From 51 to 50, down one
  • Trustco Bank (Nasdaq: TRST) : From 36 to 35, down one
  • PNC Bank (NYSE: PNC): From 22 to 21, down one

These banks added local branches between 2021-2022:

  • Regions Bank (NYSE: RF): From 32 to 34, up two
  • TD Bank (NYSE: TD): From 11 to 13, up two

These banks saw no change in number of area branches between 2021-2022:

  • Fifth Third Bank (Nasdaq: FITB): 33
  • SouthState Bank (Nasdaq: SSB): 16
  • Seacoast National Bank (Nasdaq: SBCF): 13
  • United Southern Bank: 13