It’s no secret that most people prefer to do their banking online nowadays, but what does that mean for brick-and-mortar branches?
Well, for Santander Bank, it means closing locations. Last week, the Spanish company revealed that it will be shuttering 18 branches across the United States by August 2025, per Banking Dive.
All of the branches are located in the Northeast, with four set to close in New Jersey, six in Massachusetts, four in Pennsylvania, two in New York, one in New Hampshire, and one in Rhode Island.
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“Santander Bank continues to refine its branch footprint and retail presence, including introducing new formats and investing in digital capabilities to better accommodate our customers and meet their evolving needs,” a spokesperson for Santander told Banking Dive.
In the case of Santander, branch closures aren’t necessarily indicative of a failing business. In October 2024, they launched their U.S. digital bank, Openbank, which hit $2 billion in deposits by the following February.
“Our aim is to become a national, digital bank with branches and reaching this deposit milestone at record pace is a testament to our customer-obsessed mindset, commitment to innovation, and global connectivity,” Santander’s head of retail banking, Swati Bhatia, announced at the time. “We are uniquely positioned to provide U.S. consumers with the digital banking experience of a FinTech and the strength and stability of a leading global bank.”
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Santander operates in the U.S., Mexico, Spain, the U.K., Portugal, Poland, Brazil, Argentina, Chile, Colombia, Peru, and Uruguay.
You can check if your location is set to close by visiting Santander's website and using the branch locator.
Santander is hardly the only bank stepping away from physical branches. Come June 5, TD Bank will be closing a staggering 40 locations across the country.
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