According to The Sun , A prominent financial institution has begun closing branches located within Walmart stores across the U.S. This change means that shoppers who previously handled their banking needs while grocery shopping now have to make separate trips for both.
Woodforest National Bank, a Texas-based private community bank and the largest retail partner for Walmart, confirmed the closure of 29 branches in 12 states. James “Jay” Dreibelbis, President and CEO of Woodforest National Bank, announced in June that all 29 affected locations would be closed by the end of 2024. As of September, 18 branches had already shut their doors, with closures occurring in states including Alabama, Illinois, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Pennsylvania, and Virginia. Documents obtained by The U.S. Sun show that none of the Texas branches inside Walmart stores will be affected.
The closures are due to a combination of expiring leases and underperformance at many of the impacted locations. Dreibelbis explained that these branches were not meeting expected performance targets. By the time all 29 branches are closed, approximately 60 employees will lose their jobs, although 40 workers have already been reassigned to other roles or relocated to different branches.
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While Woodforest National Bank is reducing its footprint within Walmart stores, it continues to expand elsewhere. The bank recently opened a branch in an H-E-B store in The Woodlands, Texas, and plans are underway for a new location in Kingwood, near Houston.
Woodforest is not alone in making such decisions. Citizens Bank also announced it would close 15 branches across six states, including Pennsylvania, Massachusetts, Michigan, Ohio, New Hampshire, and Rhode Island. The closure of the East Providence branch in Rhode Island is scheduled for January 22, 2025. Additionally, major banks like Bank of America, Chase, Wells Fargo, and TD Bank have all closed numerous locations in recent months.
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