The data: Some of the largest banks in the US are going on a building spree, opening upward of 1,000 new branches across the country to win more depositors.

• JPMorgan Chase, already the bank with the largest US footprint, will open 500 new branches, per Costar.
• Bank of America and PNC plan to open 150 and 220 branches, respectively.
• Truist will open 100 new branches and renovate more than 300 other locations.

Still net negative: Despite the splashy headlines, branch banking is in chronic decline nationwide. Two branches closed for every branch that opened in 2024, per data from the American Bankers Association cited by Costar.

PNC alone closed 64 banks in the 12 months ended March 31, 2025, per S&P Global. US Bank closed a whopping 147.

Rather than adding net new branches, many are reshuffling their regional footprints to reflect demographic changes that the pandemic sent into hyperdrive. The Southeast and Texas, two of the fastest-growing regions in the US, gained net 20 branches in Q1 2025, per S&P. California, meanwhile, lost net 34.

Why branch at all? Despite the explosion of fintechs and neobanks sweeping up consumer funds, nothing attracts deposits like a branch—particularly if you’re trying to move upstream.

• Truist’s scale-out is explicitly tied to attracting higher-net-worth individuals who have $100,000 or more in deposits, per Bloomberg.
• PNC tied its branch-building to the “race … for retail deposits,” and Fifth Third said branches opened between 2022 and 2024 netted on average $25 million in their first year of operations, per Costar.

Our take: Physical branches remain one of incumbent banks’ biggest advantages over fintechs—and each other.

• Fintechs have tapped sleek, user-friendly digital interfaces to attract and retain customers. They win hot money with big savings yields and encourage frequent use by adding services like P2P payments and spending dashboards.
• Banks, meanwhile, are competing with each other for consumers’ highly fragmented banking relationships: Over half of consumers’ banking needs are met by providers other than their primary bank, per Accenture.

Branches are a critical component to landing primary bank status and winning back more of those services—by using them to anchor their customer-centric banking journeys. Robust branch presences can give consumers peace of mind knowing that any queries that start online or in-app can easily be explored in greater detail in-person with a trusted professional.