Number of Bank Offices Fell in 2010

According to the FDIC's Summary of Deposits, the number of bank offices fell in 2010 and deposit growth was at its slowest pace in 15 years.

The report noted that the number of offices fell by 1% to 97,950 during the year ending June 30, 2010, a net decrease of 993 offices and the first decline since 1995. Additionally, deposits grew by only 1.7%, the lowest growth rate in 15 years and well below the 7.7% growth rate reported for 2009.

For the second year in a row, the ratio of offices per million people decreased. The number of offices per million people as of June 30, 2010 was 317 — almost the same as the June 30, 2006, level of 316.

FDIC attributed that contraction in bank offices to attempts by banks to reduce expenses.

To read the full report, click here.