Regions Financial Corp. will be closing 60 branches nationwide before the end of the year as part of a cost-cutting strategy.
There's more to come - these 63 are part of a plan to consolidate between 100 and 150 branches through 2018.
"We continue to expect to be at the higher end of the range," CEO Grayson Hall said in a conference call, according to a transcript published on the website Seeking Alpha.
Counting these 63 branches, Regions has announced 90 of these affected branches. All 63 will close on Oct. 28.
In the second quarter, Regions incurred about $22 million in property related expenses related to the closing of these branches, Hall said on the call.
Three of the branches are in Alabama. These branches are:
- 454 Highway 67 South in Priceville
- 3105 Rainbow Drive in Rainbow City
- 2095 East Relham Drive in Loxley.
To decide which branches to close, Regions considered traffic, volume, location of other branches and profitability, among other factors, according to a statement.
"As a normal course of business, Regions reviews the effectiveness of all our businesses, locations and policies so we can use our resources as efficiently as possible," Regions spokeswoman Evelyn Mitchell said in a statement. "A careful review of our branches has identified opportunities to consolidate our network."