IBC Announces Branch Closings in Response to New Banking Regulations, Stresses Commitment to Customer Service & Free Product...
22 9월 2011 - 10:28PM
Business Wire
International Bancshares Corporation (IBC) announced today its
decision to close 55 of its smaller in-store branches located in
grocery stores. The closings are an unfortunate result of recently
passed banking regulations that limit how much banks can charge
stores for debit card transactions. This action is being taken to
align the Company's expenses with the reduced levels of revenue,
protecting the Company’s financial strength while preserving IBC's
free products program.
Currently, every time a consumer uses a debit card at a store,
that store is charged a fee (interchange fee) to help pay for the
transaction. IBC has used those fees to help offer its customers
free products and services and to cover other costs. “In reaction
to these new requirements that limit these fees, other banks have
already cut their free offerings and rewards programs, but IBC is
committed at this time to keeping free products and services
because that is what our customers want,” said Dennis Nixon, IBC
Chairman and CEO.
Nixon further commented: “Government many times passes
regulations that end up hurting the very people they were intended
to help. This appears to be one of those cases. Our customers have
always made it clear to us that free products and services are
extremely important to them. To keep those free offerings in place,
we will have to reduce expenses. This means we will close 55 of our
smaller in-store branches located in grocery stores.”
The closing of 55 branches will result in the elimination of
approximately 500 permanent job positions associated with these
branches. During the next 90 days, employees will be reduced by
attrition or absorbed in other branches. Nixon emphasizes that IBC
customers will not see a drop in service.
“We want to remind our customers that in addition to our strong
network of 219 remaining branches, they can continue to access
their accounts through IBC debit cards, IBC Voice, IBC Bank Online,
IBC Bill Pay, IBC Mobile Banking, direct deposit services, and our
network of over 375 IBC ATMs. This is what our customers asked for
and this is what we intend to deliver. Our customers have told us,
reduce expenses and close branches instead of eliminating our free
checking products and services, so we are responding to that
recommendation,” said Nixon.
IBC (NASDAQ: IBOC) is an $11.8 billion multi-bank financial
holding company headquartered in Laredo, Texas with 275 facilities
and 440 ATMs serving 107 communities in Texas and Oklahoma. More
information is available at www.ibc.com.
“Safe Harbor” statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in the release which
are not historical facts contain forward-looking information with
respect to plans, protections or future performance of IBC and its
subsidiaries, the occurrence of which involve certain risks and
uncertainties detailed in IBC’s filings with the Securities and
Exchange Commission.
Copies of IBC’s SEC filings and Annual Report (as an exhibit to
the 10-K) may be downloaded from the SEC filings site located at
http://www.sec.gov/edgar.shtml or IBC’s website at
http://www.ibc.com.
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