Local BB&T branches to remain despite 140 locations closing
By Rochelle Moore
Published in News on October 22, 2017 1:45 AM
News-Argus/ROCHELLE MOORE
BB&T branches throughout Wayne County, including the Spence Avenue location, are not planned to close as part of a company decision to close 140 locations this year.
The BB&T Corp. has no plans to close branch locations in Wayne County as part of the company's move to close 140 branches in 2017.
BB&T, which operates 2,100 financial centers in 15 states and Washington, D.C., confirmed the planned closing of its Elm City branch Thursday.
Other area small towns, including Pikeville and Fremont, will continue to have a BB&T presence, said David White, BB&T vice president of corporate communications.
"There are no branch closings in Wayne County, which includes Goldsboro, Mount Olive, Pikeville, Fremont and Eureka," White said. "We did close a branch in Eureka in 2013."
The closings represent 6 percent of the company's banking network.
Kelly King, chief executive officer of the BB&T Corp., headquartered in Winston-Salem, discussed BB&T's plans during a quarterly earnings call, in July, and again during the Barclays Global Financial Services Conference in New York City, in September.
"We're finding that we have a number of branches that are overlapping or in very close proximity to other branches that we can close," King said, in July, according to the transcript. "And our marginal profitability goes up meaningfully because we really don't lose any material business there, and our service quality remains good because our remaining open branches are very, very close."
Even though the Pikeville and Fremont BB&T branches are within close proximity, the banks serve different needs unique within their communities, said Reding Pittman, market leader for the BB&T branches in Pikeville and Fremont.
"Both are pretty diverse to the clientele," Pittman said. "From what I've heard, there's no potential of closing these branches right now."
The Elm City branch is slated to close on Dec. 1. No layoffs are planned, White said. The company evaluated the location, a process that involved reviews of the viability, convenience, physical conditions and other factors.
"We do not take the decision to close a financial center lightly," White said. "For several years, BB&T has reviewed the business strength of our financial center at 111 E. Main Street in Elm City. Based on many factors, including client usage patterns, the decision was made to close this branch."
BB&T has not released a list of planned closings, which are taking place throughout the company's footprint, in several states, including North Carolina.
Part of the company decision to close branches this year is due to an increase in customers using digital applications, said Christopher Henson, BB&T Corp. chief operating officer, during an April quarterly report.
More than half of BB&T's customers make banking transactions through digital technology, and company leaders expect the trend to continue, with the recent launch of BB&T's U platform, Henson said.