Flagstar Bank just closed dozens of branches in 5 states. See full the list of locations that shuttered in May

This year has seen a decline in retail, including brick-and-mortar shops and bank branches, with many closures taking place. Flagstar, one of America's largest regional banks, closed 24 branch locations on May 30, as part of its plan to shutter 60 branches this year. The closures were announced in January by Flagstar Financial, the bank's parent company, as an effort to consolidate its retail footprint and cut $600 million in operating costs. The 24 closed branches are located in five states: Indiana, Michigan, New Jersey, New York, and Ohio, with New York seeing the most closures at nine locations. The branch closures are a result of the shift to online banking, which has reduced the need for physical locations and led to significant operating costs. Flagstar's decision to close branches is expected to have a negative impact on communities, particularly older individuals who prefer to visit physical branches. Despite this, the company's stock price has soared since the announcement, with a 27% increase year-to-date. The company's operating expenses have also declined 22% year-over-year, with total assets of $97.6 billion and total deposits of $73.9 billion as of March 31. Flagstar currently operates approximately 363 locations in the United States, according to its online branch locator tool. The closures are part of a larger trend of banks closing physical locations to cut costs and invest in online banking, which is becoming increasingly popular among consumers.