Instead of opening new brick and mortar branches, banks are plowing the money they save into new technology that customers prefer, according to SNL Financial.
Between July 1, 2013 and June 30, 2014, the number of bank branches in the U.S. dropped 1.68% from 96,329 in 2013 to 94,715 in 2014, the Charlottesville, Va.-based financial data firm reported.
SNL Financial said it cited the FDIC's annual summary of deposits for the data.
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