The rise of electronic banking has significantly transformed the retail banking landscape, prompting banks to seek new ways to engage customers and handle transactions. In line with this trend, Truist is set to close eight branches in Georgia as part of its plan to reduce 4% of its nationwide locations by March 2024.
According to the Atlanta Business Journal, declining foot traffic and transaction volume at these branches have led the bank’s decision. However, most affected areas will still have access to another branch within an average distance of two miles. Despite these closures, Truist will maintain a strong presence in Georgia with a total of 200 branches.
In an effort towards increased efficiency and profitability, the bank aims for overhead reduction by $750 million over several quarters.
