BB&T in Winston-Salem, N.C., plans to cut 240 jobs and close 28 branches as part of its integration of National Penn Bancshares.
The $212 billion-asset company will eliminate the jobs over the next 60 days as it consolidates back office functions, according to a Tuesday report by the Triad Business Journal.
As for the branches, all but one of the locations are in Pennsylvania; the other is in New Jersey. A number of them are in the Philadelphia area. They will be consolidated into branches a mile or two away, a BB&T spokesman said Tuesday.
BB&T has a glut of branches in the region after it bought National Penn in Allentown, Pa., in April for $1.8 billion and Susquehanna Bancshares in Lititz, Pa., for $2.5 billion. The closures were reported in the Charlotte Business Journal on Monday.
BB&T said the National Penn branches will be consolidated during a system conversion that is scheduled for July. No layoffs are expected tied to the branch closures, and most of the affected workers will be transferred to the remaining branches.
BB&T acquired 124 National Penn branches, with 44 in the Philadelphia region. BB&T acquired 240 branches when it bought Susquehanna, including 58 in the Philadelphia market. BB&T will have about 90 locations in greater Philadelphia once the closures and integration are completed.
Seventeen of the closures involve consolidations of National Penn branches into what had been Susquehanna branches. Ten are old Susquehanna branches that will be consolidated into National Penn branches, and two former Susquehanna branches will be combined, the spokesman said.