The days of stepping into a physical bank building for day-to-day transactions are all but over. Advanced technology makes it simple to handle financial business online from a computer or with an app on our phones. It certainly makes life convenient for the consumer, but what does that mean for the banking industry as a whole? Many institutions will close brick-and-mortar locations in the future to save on overhead. Among those making the move is Spanish bank Santander. They operate 18 locations in the Northeast United States that will close by August 2025, Banking Dive reports.
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Santander Bank Operates 400 Locations In the United States
Branches in New Jersey, Pennsylvania, New York, New Hampshire, and Rhode Island will close by August.
“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 told Banking Dive.
Santander Bank operates 400 locations in the United States. The closers affect roughly 4.5% of the banks’ presence in America.
The company opened its digital bank, Openbank, in October 2024 and seems to be successful. According to a release from Santander Bank, Openbank hit $2 million in total deposits in 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,” Swati Bhatia, head of retail banking at Santander Bank shared in a statement. “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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