A major shift is underway in the American banking landscape. One of the nation’s largest financial institutions has announced plans to shut down 60 branches across several states. Of those locations, 14 are in New York, leading many residents to question what this development means for their daily banking needs.
In its official statement, Flagstar Financial confirmed a three-stage approach to shuttering the targeted branches by the end of 2025. This wave of closures comes as customers continue shifting toward online and mobile banking options, making face-to-face services less common. However, for those who still depend on local branches, it’s becoming increasingly important to stay informed about these upcoming changes.
Why Many Residents Are Concerned About Reduced Access to Local Services
People in smaller towns and older individuals accustomed to visiting physical bank locations may feel the biggest impact. Losing a nearby branch often means traveling farther for simple tasks like cashing checks, updating account information, or seeking personalized advice. If you’ve been banking online recently, this might not disrupt your routine. But what about those who prefer a friendly chat with a teller? Local service could become a rare commodity, particularly in areas with fewer financial institutions.
How Depositors Can Prepare for These Major Banking Shifts and Adapt
Nobody wants to drive across town for an ATM, so planning ahead is crucial. One solution is to explore credit unions or banks that continue to offer in-person assistance. Another option is to utilize shared branching networks, which give you access to partner institutions’ services even if your primary branch is gone. Keep an eye on the timeline of closures and consider consolidating your accounts or opening new ones at a branch that’s more convenient for you.
Below is a quick list of steps you can take:
• Investigate which branches near you are scheduled to close and when
• Compare the online services offered by other banks in your area
• Contact local credit unions or smaller community banks for alternative in-person options
• Stay up to date with any official announcements or adjustments to closure dates
Full Table of the 14 New York Branches Targeted for Closure
Before making any decisions about where to bank next, review the specific New York locations that Flagstar Financial plans to phase out:
| Branch Address | City |
|---|---|
| 3425 Veterans Memorial Highway | Ronkonkoma |
| 8622 Bay Parkway | Brooklyn |
| 41-11 Bell Boulevard | Bayside |
| 720 Grand Boulevard | Deer Park |
| 247-53 Jamaica Avenue | Bellerose |
| 2335 New Hyde Park Road | New Hyde Park |
| 97-70 Queens Boulevard | Rego Park |
| 134-40 Springfield Boulevard | Springfield Gardens |
| 93-22 Jamaica Avenue | Woodhaven |
| 4246 Broadway | New York City |
| 5770 Hylan Boulevard | Staten Island |
| 1214 Castleton Avenue 4 | Staten Island |
| 832 Jewett Avenue J | Staten Island |
| 31-06 Farrington Street | Whitestone |
The first round of closures has already begun, with 28 branches either closed or slated to shut down soon. Most of the remaining locations will follow suit in the next stages, culminating in the final closures by the end of next year. Staying informed on specific dates can help you decide whether to switch to another branch or switch banks entirely.
Why the Increase in Retail Closures Reflects a Broader Economic Trend
Banks aren’t alone in reducing their physical footprints. Major retail chains have also announced nationwide shutdowns in the past year, citing changes in consumer habits and ongoing economic challenges. As technology becomes more integral to everyday life, the concept of “running errands” at local shops or branches is morphing into a more digital experience. Are you ready for a future where nearly all transactions happen online?
In the meantime, many experts advise keeping a backup plan for your financial activities. This can range from opening a second account at a regional institution to experimenting with online-only platforms that offer convenient, round-the-clock access to funds. Whatever you choose, remember to keep track of official announcements about closures to avoid last-minute surprises.
FAQs
Will all 60 branches close at the same time?
No, the closures will happen in stages, with some branches shutting down sooner than others.
Are there any options for people who don’t like online banking?
Yes. Consider community banks, credit unions, or shared branching networks that still provide in-person assistance.
Could additional bank or retail closures occur later this year?
Experts believe more closures are possible as digital services gain popularity, so staying informed is essential.
Can I still use the ATM at a closing branch once it’s shut down?
In most cases, the entire location will close, including ATM access. Check your bank’s official announcements for more details.