BB&T to close three branches in area in Dec.
No layoffs expected while 140 locations are shed from bank
BB&T Corp., one of the largest employers in the Richmond area, will close three branches here in December.
The closings are part of an overall plan to close by year’s end 140 branch offices, which represents 6.4 percent of a 2,188-branch network in 15 states and Washington, D.C.
Local branches to be shuttered are: 4710 Walmsley Blvd. in Richmond, which will close Dec. 1; 6980 Forest Hill Ave. in Richmond, Dec. 8; and 8727 Staples Mill Road in Henrico County, also Dec. 8.
The closings will leave BB&T with 15 branches in the Richmond area. Additional closings will occur in Virginia, but a bank spokesman said Thursday he did not have that information.
No layoffs are expected as a result of any closing here or elsewhere, spokesman David White said.
Virginia is BB&T’s second-largest market with 344 branches in the state and $22.6 billion in deposits. In its home state of North Carolina, the bank has 351 branches and $28.7 billion in deposits.
“For several years, BB&T has reviewed the business strength of the three financial centers in Richmond,” the bank said in a statement. “Based on many factors, including client usage patterns, the decision was made to close the branches.”
Customers can still take advantage of 24-hour phone banking, online banking and digital banking.
Kelly S. King, chairman and CEO of the Winston Salem, N.C.-based bank, noted the 140 closings Tuesday in a presentation at Barclays Global Financial Services Conference in New York.
He has been talking about closing branches since last year, but the number is up from initial projections.
Many branches targeted for closing are in close proximity to other branches.
“We recognize that any business closing can be an emotional issue for a community,” the bank said in a statement. “For that reason we do not take the decision to close a financial center lightly.”
BB&T, the eighth-largest U.S. financial institution, had $221.2 billion in assets and market capitalization of $36.7 billion as of June 30.