Banks Keep Shedding Branches + Powerlist


Oregon has lost among the most bank locations, as closures continue around the U.S.

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Bank branches continue to close around the state, leaving many communities in Oregon with fewer options.

Around the country, the nation’s largest banks — Bank of America, US Bank, Capital One, Wells Fargo — are rapidly closing locations. In 2023, 2,454 branches closed, according to S&P Global Market Intelligence. Since 2009 the number of branches in the U.S. has shrunk by more than one-fifth. This year more than 400 have closed in the U.S. Wells Fargo is moving the fastest, with 88 closure filings so far in 2024, according to The Wall Street Journal.

In May The Oregonian analyzed federal bank data, finding that across the state, 350 branches closed between 2013 and 2023, leaving around 747. Grant and Klamath counties lost the most, around 40% of their branches in that time. Not far behind were Multnomah, Josephine and Lane counties, which lost 39%.

Oregon consistently ranks near the top of states in bank-branch closures, and between 2017 and 2021, the Portland metro area saw the most branch closures of any metro area, according to the National Community Reinvestment Coalition.

The shift has seen rural bank customers driving further to conduct regular business, and some towns, like Nyssa, without a branch at all, Oregon Business reported in 2022.

Large-scale closures began around the time of the Great Recession but picked up during the COVID-19 pandemic. The cause is multivariate with mergers and acquisitions, inflation, interest rates and the rise of online banking all said to be contributing factors. With these factors not likely to disappear anytime soon, branch closures will likely continue apace.

Bank customers now conduct much more business online and through mobile apps, where interest rates are higher and fees lower. Some banks attribute their branch closures to changing client preferences. They say that as they close and consolidate branches, they try to improve digital offerings.

But in-person banking still serves an important function, especially in small communities, where they supply change for the cash register and instruction on financial literacy. Small business owners regularly deposit their revenue in the form of cash or checks and often require services beyond simple transactions. Younger bank customers visit in person for help with debt and student loans. Rural and older customers appear to prefer banking with the personal touch of a human teller to an automated one, according to survey results of the Federal Deposit Insurance Corporation. And many banks now employ tellers who speak Spanish.

Rural banks also help individuals and small businesses in low-income areas access credit. Individuals and small businesses establish lines of credit and ultimately pursue larger loans after demonstrating a history of cash flow. The National Community Reinvestment Coalition notes that lending decreases in an area when bank branches close.

According to a study by Rural Development Initiatives, 32% of rural communities do not have a bank.

The Oregonian notes the trend appears to have slowed somewhat. Last year’s loss of 40 branches is less than half the state lost at the height of the pandemic in 2020. At the same time, only eight new bank or credit union locations opened in 2023.

Banking Powerlist

Ranked by total deposits in Oregon and Clark County, Wash., June 30, 2023

1. U.S. Bank National Association

Total Deposits in Oregon and Clark County, Wash.: $22.5 billion
Branches in Oregon and Clark County, Wash.: 144
Market Share: 19.92%
Charter: FED
Headquarters: Minneapolis, Minn.
Year Established: 1863

2. Umpqua Bank

Total Deposits in Oregon and Clark County, Wash.: $17.8 billion
Branches in Oregon and Clark County, Wash.: 116
Market Share: 15.83%
Charter: STATE
Headquarters: Lake Oswego
Year Established: 1953

3. JPMorgan Chase Bank, National Association

Total Deposits in Oregon and Clark County, Wash.: $15.2 billion
Branches in Oregon and Clark County, Wash.: 91
Market Share: 13.50%
Charter: FED
Headquarters: New York, N.Y.
Year Established: 1824

4. Bank of America, National Association

Total Deposits in Oregon and Clark County, Wash.: $15 billion
Branches in Oregon and Clark County, Wash.: 46
Market Share: 13.33%
Charter: FED
Headquarters: Charlotte, N.C.
Year Established: 1904

5. Wells Fargo Bank, National Association

Total Deposits in Oregon and Clark County, Wash.: $14.6 billion
Branches in Oregon and Clark County, Wash.: 85
Market Share: 12.96%
Charter: FED
Headquarters: Sioux Falls, S.D.
Year Established: 1852

6. KeyBank National Association

Total Deposits in Oregon and Clark County, Wash.: $6 billion
Branches in Oregon and Clark County, Wash.: 68
Market Share: 5.28%
Charter: FED
Headquarters: Cleveland, Ohio
Year Established: 1849

7. Banner Bank

Total Deposits in Oregon and Clark County, Wash.: $3.1 billion
Branches in Oregon and Clark County, Wash.: 34
Market Share: 2.73%
Charter: STATE
Headquarters: Walla Walla, Wash.
Year Established: 1890

8. Washington Federal Bank

Total Deposits in Oregon and Clark County, Wash.: $3 billion
Branches in Oregon and Clark County, Wash.: 37
Market Share: 2.63%
Charter: STATE
Headquarters: Seattle, Wash.
Year Established: 1917

9. First Interstate Bank

Total Deposits in Oregon and Clark County, Wash.: $2.6 billion
Branches in Oregon and Clark County, Wash.: 33
Market Share: 2.29%
Charter: STATE
Headquarters: Billings, Mont.
Year Established: 1968

10. BMO Harris Bank National Association

Total Deposits in Oregon and Clark County, Wash.: $1.8 billion
Branches in Oregon and Clark County, Wash.: 24
Market Share: 1.62%
Charter: FED
Headquarters: Chicago, Ill.
Year Established: 1882

11. Riverview Bank

Total Deposits in Oregon and Clark County, Wash.: $1 billion
Branches in Oregon and Clark County, Wash.: 15
Market Share: 0.93%
Charter: STATE
Headquarters: Vancouver, WaSh.
Year Established: 1923

12. Summit Bank

Total Deposits in Oregon and Clark County, Wash.: $867.5 million
Branches in Oregon and Clark County, Wash.: 3
Market Share: 0.77%
Charter: STATE
Headquarters: Eugene
Year Established: 2004

13. Citizens Bank

Total Deposits in Oregon and Clark County, Wash.: $772.1 million
Branches in Oregon and Clark County, Wash.: 15
Market Share: 0.68%
Charter: STATE
Headquarters: Corvallis
Year Established: 1957

14. Heritage Bank

Total Deposits in Oregon and Clark County, Wash.: $747.4 million
Branches in Oregon and Clark County, Wash.: 7
Market Share: 0.66%
Charter: STATE
Headquarters: Olympia, Wash.
Year Established: 1927

15. Oregon Pacific Banking Company dba Oregon Pacific Bank

Total Deposits in Oregon and Clark County, Wash.: $679.7 million
Branches in Oregon and Clark County, Wash.: 6
Market Share: 0.60%
Charter: STATE
Headquarters: Florence
Year Established: 1979

16. People’s Bank of Commerce

Total Deposits in Oregon and Clark County, Wash.: $662.6 million
Branches in Oregon and Clark County, Wash.: 11
Market Share: 0.59%
Charter: STATE
Headquarters: Medford
Year Established: 1998

17. Bank of Eastern Oregon

Total Deposits in Oregon and Clark County, Wash.: $647.4 million
Branches in Oregon and Clark County, Wash.: 15
Market Share: 0.57%
Charter: STATE
Headquarters: Heppner
Year Established: 1945

18. Pioneer Trust Bank, National Association

Total Deposits in Oregon and Clark County, Wash.: $585.1 million
Branches in Oregon and Clark County, Wash.: 2
Market Share: 0.52%
Charter: FED
Headquarters: Salem
Year Established: 1924

19. First Federal Savings and Loan Association of McMinnville

Total Deposits in Oregon and Clark County, Wash.: $543.8 million
Branches in Oregon and Clark County, Wash.: 6
Market Share: 0.48%
Charter: FED
Headquarters: McMinnville
Year Established: 1922

20. Evergreen Federal Bank

Total Deposits in Oregon and Clark County, Wash.: $531.3 million
Branches in Oregon and Clark County, Wash.: 5
Market Share: 0.47%
Charter: FED
Headquarters: Grants Pass
Year Established: 1934

21. Community Bank

Total Deposits in Oregon and Clark County, Wash.: $442.2 million
Branches in Oregon and Clark County, Wash.: 7
Market Share: 0.39%
Charter: STATE
Headquarters: Joseph
Year Established: 1955

22. Beneficial State Bank

Total Deposits in Oregon and Clark County, Wash.: $405.3 million
Branches in Oregon and Clark County, Wash.: 3
Market Share: 0.36%
Charter: STATE
Headquarters: Oakland, Calif.
Year Established: 2007

23. Oregon Coast Bank

Total Deposits in Oregon and Clark County, Wash.: $363.8 million
Branches in Oregon and Clark County, Wash.: 6
Market Share: 0.32%
Charter: STATE
Headquarters: Newport
Year Established: 2002

24. Washington Trust Bank

Total Deposits in Oregon and Clark County, Wash.: $335.6 million
Branches in Oregon and Clark County, Wash.: 2
Market Share: 0.30%
Charter: STATE
Headquarters: Spokane, Wash.
Year Established: 1902

25. HomeStreet Bank

Total Deposits in Oregon and Clark County, Wash.: $332.7 million
Branches in Oregon and Clark County, Wash.: 4
Market Share: 0.30%
Charter: STATE
Headquarters: Seattle, Wash.
Year Established: 1921

26. Willamette Valley Bank

Total Deposits in Oregon and Clark County, Wash.: $294.4 million
Branches in Oregon and Clark County, Wash.: 4
Market Share: 0.26%
Charter: STATE
Headquarters: Salem
Year Established: 1998

27. 1st Security Bank of Washington

Total Deposits in Oregon and Clark County, Wash.: $277.7 million
Branches in Oregon and Clark County, Wash.: 5
Market Share: 0.25%
Charter: STATE
Headquarters: Mountlake Terrace, Wash.
Year Established: 1937

28. Northwest Bank

Total Deposits in Oregon and Clark County, Wash.: $258.5 million
Branches in Oregon and Clark County, Wash.: 2
Market Share: 0.23%
Charter: STATE
Headquarters: Boise, Idaho
Year Established: 2008

29. Lewis & Clark Bank

Total Deposits in Oregon and Clark County, Wash.: $246.4 million
Branches in Oregon and Clark County, Wash.: 3
Market Share: 0.22%
Charter: STATE
Headquarters: Oregon City
Year Established: 2006

30. Clackamas County Bank

Total Deposits in Oregon and Clark County, Wash.: $241.6 million
Branches in Oregon and Clark County, Wash.: 4
Market Share: 0.21%
Charter: STATE
Headquarters: Sandy
Year Established: 1911

31. Pacific West Bank

Total Deposits in Oregon and Clark County, Wash.: $219.8 million
Branches in Oregon and Clark County, Wash.: 2
Market Share: 0.20%
Charter: STATE
Headquarters: Portland
Year Established: 2004

32. Pacific Premier Bank

Total Deposits in Oregon and Clark County, Wash.: $216.1 million
Branches in Oregon and Clark County, Wash.: 1
Market Share: 0.19%
Charter: STATE
Headquarters: Irvine, Calif.
Year Established: 1983

33. First-Citizens Bank & Trust Company

Total Deposits in Oregon and Clark County, Wash.: $169.6 million
Branches in Oregon and Clark County, Wash.: 2
Market Share: 0.15%
Charter: STATE
Headquarters: Raleigh, N.C.
Year Established: 1898

34. Bank of The Pacific

Total Deposits in Oregon and Clark County, Wash.: $158.4 million
Branches in Oregon and Clark County, Wash.: 3
Market Share: 0.14%
Charter: STATE
Headquarters: Aberdeen, Wash.
Year Established: 1971

35. Zions Bancorporation, N.A.

Total Deposits in Oregon and Clark County, Wash.: $111.1 million
Branches in Oregon and Clark County, Wash.: 1
Market Share: 0.10%
Charter: FED
Headquarters: Salt Lake City, Utah
Year Established: 1973

36. Idaho First Bank

Total Deposits in Oregon and Clark County, Wash.: $12.9 million
Branches in Oregon and Clark County, Wash.: 1
Market Share: 0.01%
Charter: STATE
Headquarters: Boise, Idaho
Year Established: 2005


Source: FDIC (https://banks.data.fdic.gov/bankfind-suite/SOD)