According to The Sun , A major financial institution has closed several branches within Walmart stores across the United States, forcing local shoppers to handle their banking separately from their grocery runs.
Woodforest National Bank, a Texas-based private community bank with more than 750 locations, confirmed the closure of around 29 of its branches inside Walmart stores across 12 states. CEO James “Jay” Dreibelbis made the announcement in June, stating that the closures would be completed by the end of 2024. As of September, 18 locations have already shut their doors in states including Alabama, Illinois, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Pennsylvania, and Virginia, as reported by The U.S. Sun from documents obtained from the Office of the Comptroller of the Currency.
Dreibelbis assured that none of Woodforest’s branches in Texas Walmart stores would be affected by the closures. The bank also confirmed that by the end of the year, around 60 employees would lose their jobs, although many have already found new positions or relocated to other branches.
The closures are primarily attributed to the underperformance of many of the affected locations, as well as the expiration of leases for several branches. While a confirmed closure date for the remaining 11 locations is still pending, Woodforest is continuing to expand its branch network, with a new location opened inside an H-E-B store in The Woodlands, Texas, in September. The bank also plans to open another branch in Kingwood, Texas.
Also Read – Bank Closures Hit Walmart Stores Nationwide: 18 Locations Shut Down by End of Year
Woodforest National Bank is not the only financial institution facing branch closures. Citizens Bank has also announced the closure of at least 15 branches across six states, including Pennsylvania, Massachusetts, Michigan, Ohio, New Hampshire, and Rhode Island. The closure of the East Providence, Rhode Island, branch is scheduled for January 22, 2025. Other financial institutions like Bank of America, Chase, and Wells Fargo have also shuttered dozens of branches this year, with TD Bank closing 20 locations in September.
As more banks make similar moves, it signals a broader trend of reducing physical locations in favor of digital banking solutions.
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