18 Banks Close in Walmart Stores Across the U.S. Amid Underperformance Claims
According to The Sun , A prominent financial institution, Woodforest National Bank, has closed nearly 30 branches located inside Walmart stores nationwide, forcing customers to handle their banking and shopping separately.
In a June announcement, Jay Dreibelbis, President and CEO of Woodforest National Bank, confirmed that approximately 29 branches across 12 states would close by the end of 2024. As of September, 18 of those branches had already shuttered. The bank operates as the largest retail partner for Walmart, and while Texas branches are safe, closures have affected locations in Alabama, Illinois, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Pennsylvania, and Virginia, among others.
These closures are due to a combination of factors. Dreibelbis noted that many of the affected branches were underperforming, with a significant number of leases expiring. The decision has also resulted in approximately 60 job losses. However, 40 employees have been relocated or reassigned to other branches within the bank.
Despite these closures, Woodforest National Bank continues to expand, recently opening a new branch inside an H-E-B store in The Woodlands, Texas, and planning a new location in Kingwood, Texas.
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Woodforest National Bank is not alone in facing branch closures. Other financial institutions, such as Citizens Bank, Bank of America, Chase, Wells Fargo, and TD Bank, have all recently reduced their physical presence. For example, Citizens Bank is closing 15 branches across six states, while TD Bank axed 20 branches in September.
As the trend of bank closures continues, many financial institutions are rethinking their brick-and-mortar presence, especially in the face of declining in-person banking and increased reliance on online services.
