A New Round of Unexpected Bank Closures Hits Texas

A new round of unexpected bank closures hits Texas according to fresh data from the Office of the Comptroller of the Currency.

According to the data, five more bank branches closed this week in Texas, adding to the growing number of shuttered bank buildings in the state.

Below is a list of the latest bank branch closures in Texas, per the OCC:

  • Capital One. 5431 Bissonnet St, Houston
  • Capital One. 21210 Kuykendahl Rd, Spring
  • Capital One. 4414 N. Freeway, Suite 1000, Houston
  • Capital One. 25907 Northwest Freeway, Cypress
  • Capital One. 7919 Kirby Dr, Houston

Its Woodforest NB. 8000 Research Forest location will shutter soon.

According to official US Government data, over 220 bank branches closed across the nation in January and February, with Texas being one of the most impacted states in the country.

The federal regulator found Bank of America, US Bank and Citizens led the charge with the national banks accounting for nearly half of all closures, reports GBNews.

These banking groups closed 92 locations within the space of eight weeks with 222 sites closing down during the period overall.

If banks across the United States continue to shut down at their current rate, around 1,300 will close by the end of 2024.

The rate of bank branch closures has been exacerbated due to the Covid pandemic which resulted in people relying on online banking services due to staying at home.

“If the trend of current bank branch closings continues, there may be no bank branches left in 10 years,” reported TheStreet.

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Also Read: A Giant Company Now Makes Unexpected Layoffs in Kentucky

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Market News Today - A New Round of Unexpected Bank Closures Hits Texas.
Market News Today – A New Round of Unexpected Bank Closures Hits Texas.

A massive beverage company now files an unexpected bankruptcy to ‘focus on the best interests of its creditors and other stakeholders.’

Boisson, which curates the best collection of non-alcoholic spirits, beers, and wines as well as mixology supplies including shrubs, syrups, mixers, and more has filed for Chapter 11 bankruptcy protection.

The company also shuttered its eight brick-and-mortar stores, according to multiple media reports and a LinkedIn blog post by Boisson founder Nicholas Bodkins.

However, the non-alcoholic (NA) beverage brand plans to continue operating as a wholesaler and a DTC ecommerce retailer, reports Retail Touch Points.

Boisson had taken a “neighborhood stores” approach to brick-and-mortar expansion, opening stores in NYC, San Francisco, Los Angeles and Miami.

“Boisson’s Board of Directors has determined that entering into a restructuring process for the company to shift its operational focus is in the best interests of its creditors and other stakeholders,” Bodkins wrote.

“This and other difficult decisions have been made, including the decision to close all retail locations.

While this is certainly disappointing, taking these actions will allow the company the opportunity to put forth a restructuring plan aimed to focus on the wholesale distribution and ecommerce divisions, which continue to operate, accepting and fulfilling orders without interruption.”

Bodkins took pains to stress that Boisson’s setback is not a failure for the NA category at large.

“No one should consider this anything other than what it is: a failed venture-backed startup that grew too quickly, made mistakes, and wasn’t able to find capital fast enough to continue to build three businesses at the same time (bricks-and-mortar retail, ecommerce, and wholesale import/distribution), which in hindsight, proved to be impossibly hard to execute,” he wrote.

“I am proud that we served more than 250,000 customers, of the deep and meaningful wholesale partners who embraced NA for their customers, and proud of the awareness and education we brought to consumers, introducing them to NA through partnerships we forged with brands and communities,” Bodkins added.

Detailed information about Boisson’s restructuring plans was not available at press time.

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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

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Market News Today - A New Round of Unexpected Bank Closures Hits Texas.
Market News Today – A New Round of Unexpected Bank Closures Hits Texas.

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