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Closing Branches?

Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I bank at 3 banks. Two of them notified me that they were closing branches that I banked at - Iberia Bank in Rogers and Simmons Bank in Siloam Springs. I sort of inherited Iberia so I had threatened to move it closer to home already. The Simmons bank said I could bank at Lincoln which is 25 plus miles away, curious since their Tontitown branch is much closer making me wonder if they were going to close that one too. Simmons has been tweaking expenses already. I knew they had offered some older employees early retirement plans.

So is this on-going in Arkansas elsewhere or just a sort of freak event that both banks would announce the closing in the same week. To go local now, I have to deal with Grand Savings and Arvest and I am not banking with them - fee-for-everything banking at lower interest rate for your money and higher rates for borrowing... But this puts me with 4 separate accounts at Grand Savings - S Corp, personal, Farm, and a family partnership.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I was about ten and the new branch of First Interstate Bank opened, then across the street Benj Franklin S&L opened, and then after S&L Crisis it was absorbed by Fred Meyer S&L, which was then absorbed by Bank of America, which operated a number of years and then about 5-years ago closed the branch. The original First Interstate Bank sold the building and it became a restaurant (the vault was used for group dinners, which went out of business, but is currently a very fancy bagel shop. When BofA left, if became Bank of the Cascades for a few years, and then it became.......First Interstate Bank, across the street from its old building.

I've connected my checking account to brokerage and SEP accounts. I can take a picture of a check and deposit it. All my bills are set up for auto bill pay. It is not surprising they don't need branches. Seems like I recall from accounting class that Banks use to put the book value of their building at $1 (I heard that and have never fully understood why, or I forget why, but maybe there is a good reason).
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
Wells Fargo is closing branches all over my area and so are others. Some now have no inside service and there are going to be a lot of old bank buildings hitting the market.
 

Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I've connected my checking account to brokerage and SEP accounts.
I had someone in family who got their on line bank account wiped out. They got it back via the bank, but were basically overdrawn for a couple of days. I see that just happened where some mortgage company withdrew multiple times for the monthly payment. They tried to make it good but most people were not made whole all day. I eschew on line banking as a result. But I concur that on line banking has slowed the traffic down in the bank lobby.

I have to go to my bank tomorrow and find out if I ever got the first stimulus - somehow mysteriously deposited into an account. I don't recall seeing it and haven't found it so I am going to see if the bank can trace it. If they sent a debit card, then it is gone. They also claim they put this last amount in my account March 24, really? Then why didn't I see it on the bank statement. Whose account did they put it in? The $600 was a check. Why weren't the other two?
 
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