Walmart Bank Shutdown: 18 Branches Closing as CEO Cites Underperformance
According to The Sun , A major financial institution has closed several of its branches located within Walmart stores across the country, leaving customers who once combined shopping with banking now needing to make separate trips.
Woodforest National Bank, based in Texas, confirmed that it would close around 29 of its branches inside Walmart locations by the end of 2024. As of September, 18 of these branches had already shut their doors across 10 states, including Alabama, Illinois, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Pennsylvania, and Virginia. However, Woodforest CEO James “Jay” Dreibelbis assured that the bank’s Texas branches inside Walmart stores would remain open.
The closures are part of a broader trend of underperforming branches, with leases expiring at many of the affected locations. By the time all 29 branches are closed, approximately 60 Woodforest employees will lose their jobs. So far, over 40 employees have either been relocated to other branches or reassigned to different roles within the bank.
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Despite these closures, Woodforest National Bank continues to expand its presence. In September, it opened a new branch inside an H-E-B store in The Woodlands, Texas, and plans are in the works for a new location in Kingwood, Texas.
Woodforest isn’t alone in scaling back its branch network. Other financial institutions are also shuttering locations. Citizens Bank has announced plans to close at least 15 branches across six states, and Bank of America, Chase, and Wells Fargo have collectively closed 79 branches this year. Additionally, TD Bank closed 20 branches in September following warnings from executives about ongoing challenges in the banking sector.
