02/02/14 — Southern Bank announces two branch closures

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Southern Bank announces two branch closures

By Josh Ellerbrock
Published in News on February 2, 2014 1:50 AM

Southern Bank will be closing two Wayne County bank locations in Pikeville and Dudley this spring in a "realignment plan" created to help consolidate costs.

The accounts at the branch in Dudley, located at 4517 U.S. 117 Alt., will be moved to the Mount Olive branch located at 800 N. Breazeale Ave., and those at the branch in Pikeville, located at 100 W. Main St., will be moved to Fremont's branch, which is located at 101 N. Wilson St.

Dudley's location is scheduled for closure April 25, and Pikeville's closing is scheduled for May 9.

In terms of services, the branch closures will not affect any customer deposits or change account numbers. Marketing director John Heeden said customers can continue to use their checks, credit, debit and ATM cards and will still have online access to their accounts.

Customers of those branches should have received a notice with details. Notices will also be posted in locations scheduled for consolidation.

As for Southern Bank employees at those locations, Heeden said that the three Dudley employees will be transferred to another branch and the two Pikeville employees will retire.

Pikeville and Dudley will be two of 12 branches that will be closed and consolidated in North Carolina. The other 10 branches are located in Askewville, Aulander, Battleboro, Hamilton, Lucama, Norlina, Pollocksville, Roxobel, Sims and Woodland. By the time the plan is completed on May 30, Southern Bank will have 65 locations.

"Practically every business in the country has found it necessary to make cost saving changes in their operations over the past three years, and the banking industry is no exception," Southern Bank CEO and Chairman Grey Morgan said in a press release.

The consolidations are "designed to allow the bank to maintain a stable, profitably sustainable branch network" in a changing economy and environment.

Southern Bank President Drew Covert said the closures are also related to bank customers doing their banking online and through other "self-service banking channels."

"We want our customers to understand that this is about adapting our service and branch delivery channels to fit their banking needs and habits," Covert said in a press release. He also said that Southern Bank remains a safe and sound banking institution.

Founded in 1901, Southern Bank has total assets worth close to $2.4 billion and has locations in eastern North Carolina and southeastern Virginia.