BB&T to close three branches in area in Dec.

Richmond Times-Dispatch - - BUSINESS RTD - BY CAROL HAZ­ARD chaz­ard@times­dis­ (804) 775-8023

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.