Businessweek tells us IBC is shutting some of its doors where some of us find it most convenient to bank – at stores. Best of luck to all IBC employees who will be affected.
International Bancshares Corp. is closing 55 of its smaller branches located in grocery stores, the bank holding company said Thursday. It said it must cut costs because new federal rules that cap the debit card fees banks can charge retailers will hurt revenue.
The Laredo, Texas, company said the closings will eliminate about 500 jobs, but some of the affected employees will go to work in remaining branches of its International Bank of Commerce subsidiary. At the end of 2010, IBC had nearly 3,000 full-time employees.