The BB&T Bank branch in Woodbury is set to close this spring as the North Carolina-based company prepares for a $66 billion merger that will make it one of the largest bank holding companies in the country.
David R. White, vice president of corporate communications for BB&T Bank, said in an email the branch at 149 Main St. will close on April 12.
“We recognize that any business closing can be an emotional issue for a community,” he said. “...We never take the decision to close a financial center lightly.”
White said many of the bank’s clients are choosing to conduct their banking business digitally both at BB&T and in the financial industry as a whole.
“While branches are still an important part of BB&T’s business model, we’re constantly evaluating all of our locations in terms of client-use patterns and convenience within the markets we serve,” he said.
The branches in Everett, 140 E. Main St., and Bedford, 601 E. Pitt St., will remain open. White said the company does not expect any layoffs as a result of the branch closing, adding most of the branch associates will move to other bank locations.
While the branch in Woodbury is set to close, BB&T on Thursday announced a merger with SunTrust Banks, Inc.
The $66 billion merger creates sixth-largest U.S. bank holding company, according to a news release issued by BB&T Bank.
The company will have about $442 billion in assets, $301 billion in loans, and $324 billion in deposits serving more than 10 million households in the United States, the release said.
The merger is expected to close in the fourth quarter of 2019, subject to customary closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company.
The combined company will operate under a new name and brand, which will be determined prior to closing. The combined company’s board of directors and executive management team will be evenly split between the two institutions. A new corporate headquarters will be established in Charlotte, North Carolina.
Kelly S. King, Chairman and Chief Executive Officer of BB&T and its bank subsidiary, will serve as Chairman and Chief Executive Officer of the combined company and its bank subsidiary until Sept. 12, 2021.