Bank of America likely to close branches in Richmond

bankofamericaThe Internet is destroying all sorts of business models.

In comments reported in Tuesday’s Wall Street Journal, Bank of America chief executive Kenneth Lewis said that about 10 percent of the bank’s branches will close as more customers turn to the web to make banking transactions.

With about 30 branches in the Richmond area, that would suggest the closure of about three area branches. Nationwide the bank has 6,100 branches.

From the article:

The driving force for the closings is changing customer preferences, Mr. McGee said, according to these people, as online and mobile banking take transactions away from traditional branches. Messrs. Lewis and McGee didn’t say when the shutterings would occur, these people said. Neither executive was available for comment Monday, and a Bank of America spokesman wouldn’t discuss the matter.

This might only be the beginning for local bank closings, because once Union Bankshares and First Market finish merging, it’s likely they will close overlapping branches.

Read more here.

David Larter covers finance for BizSense. Please send news tips to [email protected]

bankofamericaThe Internet is destroying all sorts of business models.

In comments reported in Tuesday’s Wall Street Journal, Bank of America chief executive Kenneth Lewis said that about 10 percent of the bank’s branches will close as more customers turn to the web to make banking transactions.

With about 30 branches in the Richmond area, that would suggest the closure of about three area branches. Nationwide the bank has 6,100 branches.

From the article:

The driving force for the closings is changing customer preferences, Mr. McGee said, according to these people, as online and mobile banking take transactions away from traditional branches. Messrs. Lewis and McGee didn’t say when the shutterings would occur, these people said. Neither executive was available for comment Monday, and a Bank of America spokesman wouldn’t discuss the matter.

This might only be the beginning for local bank closings, because once Union Bankshares and First Market finish merging, it’s likely they will close overlapping branches.

Read more here.

David Larter covers finance for BizSense. Please send news tips to [email protected]

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected]

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMEBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments