PlainsCapital in Texas to Close 11 Branches
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PlainsCapital Bank in Dallas said on Friday that it plans to close 11 branches in the Rio Grande Valley.
The closures will take effect on Jan. 30. The $8.9 billion-asset PlainsCapital inherited the branches when it bought the failed First National Bank of Edinburg last year.
"In an effort to continue making positive strides in the Rio Grande Valley market, we are right sizing our business to become more efficient," said Jerry Schaffner, the bank's president and chief executive, in a press release Friday.
First National, which had $3.1 billion of assets at the time it failed, operated 25 branch locations along the Texas-Mexico border. The branches that will be shuttered are in Alamo, Edinburg, Elsa, Hidalgo, La Joya, McAllen, Mercedes, Pharr and Rio Grande City. No information about staff layoffs was provided.
In the coming months, the PlainsCapital will begin construction on a branch in Weslaco, on the southernmost tip of Texas. The bank also plans to install a new ATM in Alamo, it said in the release.
PlainsCapital has over 80 locations in Texas.