US banks close hundreds more banks on top of 1000s already closed

Core Insights - The trend of decreasing physical bank visits is evident as digital banking services become more prevalent, with consumers relying on mobile banking for transactions [1][2] - The number of banks in the U.S. is declining, reflecting a shift towards digital banking and fewer new bank formations [8] Industry Trends - Major U.S. banks have announced plans to close 311 branches since late August, indicating a significant reduction in physical banking locations [7] - Analysts note that banks are focusing on cutting less-profitable branches that generate lower customer traffic, leading to a shrinking branch network [5] Bank Health - The FDIC reports that only 1.3% of total banks are classified as problem banks, which is within the normal range for non-crisis periods [6] - The overall health of America's banks remains stable, with the FDIC indicating that the banking system is largely healthy [5]