Popular National Bank Announces Closures of 16 NJ and NY Branches

Online banking is fast, simple, and secure. With just a few taps on our phones or clicks on our laptops, we can send money, settle bills, and easily oversee our finances.

Physical bank cards? Not always necessary. Services like Apple Pay make contactless payments quick and hassle-free.

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Consider this: When was your last visit to a bank branch?

If it's been a while, you're not alone.

Statista data from 2023 shows that over 66% of Americans rely on online banking, which is projected to rise.

Last year alone, banks shut down 1,043 branches.

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Yet, there are still reasons to visit a local branch, whether for a safe deposit box, a bank check, or personalized financial guidance.

The Daily Mail reports that 200 million Americans still deposit cash, and 45% favor face-to-face banking.

But step inside a branch, and you'll notice fewer employees than before. Rows of tellers have been replaced by ATMs, with drive-thrus also disappearing.

According to The Street, Flagstar Financial is one of America's top 30 biggest banks, with $100 billion in its name.

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They are huge in the Northeast and Midwest but also have locations in the Southeast and the West Coast.

Flagstar Bank has been hurting. In 2024, they reported losses of nearly $100 million.

Because of this, in January, Flagstar Financial announced it would close 60 branch locations and 20 private-client locations in 2025.

The financial giant hopes to recoup this with less rent, staff costs, maintenance, and utilities.

The Street reports that Flagstar's CEO says: