Truist Bank is closing branches in the Southeast and nationwide, affecting customers in multiple states.
The bank has announced plans to close approximately 100 branches by the end of 2023.
This decision is part of the bank's strategy to focus on digital banking and reduce costs.
Customers can expect to see branch closures in North Carolina, South Carolina, and Georgia.
The exact number of branches closing in each state has not been disclosed.
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Truist Bank Closures
Truist Financial Corp. plans to close down nine of its branches in North Carolina next year, including two in the Charlotte area. This decision is part of a larger trend of banks shifting towards digital banking.
The closures are based on client behavior, branch traffic, and transaction volume. Truist aims to invest in digital capabilities in response to clients' evolving preferences.
Most of the branches that will be closed are located within two-and-a-half miles of another Truist branch. This means that clients will have access to a branch an average of about two and a half miles away.
On a similar theme: Td Bank Is Closing Seven Branches in Massachusetts.
Truist will continue to operate more than 1,900 branches and 2,900 ATMs. The bank is taking steps to notify clients of the closures, including sending letters and posting notices in affected branches.
The closures are part of a larger cost-cutting initiative by Truist, which aims to reduce expenses and reset its strategy. This initiative includes job cuts, organizational restructuring, and reduced technology spending.
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Impact on Customers
Truist Financial will close 3.5% of its branches in March.
The bank's digital transactions jumped 9% year over year and now account for more than 60% of total bank transactions.
Truist will continue to operate more than 1,900 branches and 2,900 ATMs after the closures.
To notify customers of the closures, Truist sent letters to all clients in mid-December, posted notices within the affected branches, and trained staffers to assist clients with any needs or questions.
Most of the branches that will be closed are located within two-and-a-half miles of another Truist branch.
The bank's CEO, Bill Rogers, stated that the decision to close branches is in response to clients' evolving preferences.
Truist aims to limit expense growth to no more than 1% in 2024 through its cost-cutting efforts.
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