Truist closing bank branches across NC, including near Charlotte and the Triangle
Truist bank plans to close more branches in the Charlotte region, as well as elsewhere in North Carolina, as the bank grapples with $750 million in companywide cuts, including layoffs.
Charlotte-based Truist will close branches at 818 Church St. N. in downtown Concord and 2414 West Franklin Blvd. in Gastonia on March 19.
Seven more branches North Carolina will close on the same day, according to the bank’s filings with the North Carolina Commissioner of Banks. Those branches are: 201 W. Market St. and 1310 Battleground Ave, Greensboro; 3410 Robinhood Road, Winston-Salem; 3405 Hillsborough Road, Durham; 1301 Eastchester Drive, High Point; 1000 Village Market Place, Morrisville; and 1803 N. Sandhills Blvd., Aberdeen.
More customers are banking digitally with Truist, spokesman Brain Davis told The Charlotte Observer in an email interview. As a result, the bank is closing 3% of its 285 branches North Carolina in March 2024, based on customer behavior, branch traffic and transaction volume.
“For the vast majority of branches that are closing, clients will have access to a branch about 2 1/2 miles away on the average,” Davis stated.
In March 2022, the bank closed five Charlotte-area branches because of overlap following the BB&T and SunTrust merger that formed Truist in 2019. In total, Truist planned to close 800 branches .
When a branch closes, Truist gives customers plenty of notice, Davis said. They were sent letters in mid-December explaining the closure and directions to the nearest location. Notices inside the branches were also posted.
Clients won’t experience any changes with accounts with the closings, other than those with safe deposit boxes, Davis said.
“We’ll continue to offer access to more than 1,900 branches and 2,900 ATMs — one of the most expansive branch and ATM networks in the communities we serve,” Davis added.
Challenges continue for Truist bank
In September, Truist CEO Bill Rogers said there will be sizable” layoffs at the bank as part of a $750 million companywide cost-cutting plan. The layoffs are to take place between the third quarter of this year and the first quarter of 2024. The plan also includes consolidating leadership roles for fewer layers of management.
Truist also has missed profit estimates.
The bank reported a net income of $1.1 billion in the third quarter ending Sept. 30, compared to $1.5 billion the same time last year.
As of last year, Truist had more than 50,000 workers throughout the U.S., including more than 3,000 workers in the Charlotte area. Truist is headquartered at 214 N. Tryon St.
