Alabama among 6 states where Truist is closing 72 bank branches
Truist plans to close 72 locations in six states, including Alabama, as part of a $750 million cost-cutting plan.
Banking Dive is reporting the cuts represent about 3.5% of the bank’s branch network.
The firm is expected to also shutter branches in Georgia, Kentucky, Maryland, North Carolina and West Virginia.
The company has not disclosed where the closures will take place.
Truist has locations in more than 50 Alabama cities. Following the closures, Truist will operate 1,900 branches and 2,900 ATMs.
Truist CEO Bill Rogers announced plans last year to consolidate the bank’s branch network, as part of a $750 million cost saving initiative over the next 12 to 18 months.
The branch network cuts, along with trimming certain business lines, and four division heads will save Truist about $250 million.