Industries Banking/Finance

Virginia sees little growth in bank branches

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The growth of bank branches in Virginia during the last half of 2011 was nearly flat, according to information collected by Charlottesville-based SNL Financial.

SNL reports that nationally 639 bank branches opened and 720 closed during the third and fourth quarter of last year, resulting in a net loss of 81 offices.

In Virginia, 20 branches opened and 19 closed during those six months, a net gain of only one. Nonetheless, that total placed the Old Dominion among only 15 states and the District of Columbia that showed any gain at all.

Like Virginia, West Virginia and D.C. each had a net gain of one branch while Maryland showed a gain of two.

Among other neighboring states, Kentucky had a net loss of five branches, North Carolina was down seven and Tennessee had a net decrease of 10.

California had the highest net gain in bank branches, 57, while Indiana had the highest net loss, 25.

The Washington, D.C., area ranked among the top three metro areas in branch gains with 12. The Hampton Roads area tied for fifth among areas with the largest net loss in branches with five.

Nationally, Bank of America had the biggest net decrease in branches, down 36.


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