BB&T, which recently entered the Philadelphia market after acquiring Susquehanna Bancshares and National Penn Bancshares, will be closing 140 locations nationwide this week including some nearby branches, writes Jeff Blumenthal for the Philadelphia Business Journal.
According to the company’s CEO, Kelly King, the branch closures represent around six percent of the bank’s entire network.
“For the last 10, 15 years, we’ve been kind of handicapped, because we’ve been having to deal with the digital system,” said King. “At the same time, we’ve been having to carry along the traditional brick-and-mortar systems without much opportunity to rationalize the cost.”
But he added that the situation is changing rapidly, with BB&T trying to find ways to improve efficiency by using digital technology, artificial intelligence, and robotics.
Among the branches closing this week is Chester County’s New Garden branch due to its close proximity to BB&T’s Kennett Square branch.
This week, the bank also launched its new advertising campaign “All we see is you,” but this will not initially air in Philadelphia, according to BB&T spokesman David White.
Mainly because “you don’t go too many places in Philadelphia without seeing the name,” he said.
Read more about BB&T’s plans in the Philadelphia Business Journal by clicking here.