By Alton Mitchell
An iconic symbol of downtown LaFayette will close its door later this year as part of a company downsizing leaving one of the largest banks in the United States without a presence in the city of LaFayette as the local BB&T branch is set to close its doors.
Signs are now visible on the doors of the BB&T at 54 LaFayette Street in downtown LaFayette that advise customers the location will be moving in the coming months. The move is part of an announcement in middle September by the Winston-Salem, North Carolina based bank that the banking giant would be closing 140 locations nationwide.
According to Mayor Barry Moody the location should close on December 1st at 2:00 a.m. After that date and time no business will be done at the branch location anymore. Mayor Moody also announced that the employees of the bank should be taking jobs at nearby branches in locations such as Valley or Opelika.
BB&T entered the LaFayette market in 2009 when the FDIC ordered the North Carolina based bank to take over the former Colonial Banks accounts. Federal regulators shuttered Montgomery, Alabama based Colonial bank in August of 2009 in an effort to avoid a collapse of Colonial Bank that may have costed the FDIC billions of dollars.
When BB&T took over the accounts of Colonial it changed the name of all Colonial branches to BB&T. Prior to the take over the LaFayette branch was a Colonial Bank. The closure of the LaFayette branch will not have any impact on the accounts of residents who bank with BB&T. All account information will remain the same, residents will just have to travel to a nearby branch to do branch banking following the December closure.