Friday, May 1, 2015

This Week in Bank Failures

Most large banks will still tell you they have more branches than they know what to do with, but the rush to pare down seems to be over. Looking at the first quarter, PNC Bank recorded the most branch closings, but this added up to just one percent of its branch network. Chase Bank also is moving ahead slowly with its branch closing program, but several other large banks seem to have put their branch closings on hold.

Espirito Santo Bank in Miami will be sold to a Venezuelan investment group, pending regulatory approval. The $10 million selling price will help fund the liquidation of the former owner, the bankrupt Banco EspĂ­rito Santo in Portugal.