IberiaBank Northeast Arkansas market president Paul Hutcheson said Friday that in the 32 years he has been in the banking industry, there have been a lot of changes. Those changes, especially in technology, caused the bank to announce the closing of six branches in Northeast Arkansas effective in mid-March.
The branches to be closed are in Highland, Imboden, Corning, Lake City, Hoxie and Tuckerman.
The bank also announced Friday that branches in Fayetteville, Little Rock and Springdale will be consolidated in March as well.
The Elm Springs Road branch in Springdale will be consolidated into the branch on East Robinson Road, while the operations at the Mission Branch in Fayetteville will move to the branch on West Wedington Street. The bank on Markham Road in Little Rock will be consolidated into the Pulaski Heights branch on R Street, officials said.
Hutcheson said the bank began looking and evaluating the local market late last year. The look showed a change in the way people do their banking.
“32 years ago, they said we were going to a cashless society. I thought they were crazy,” Hutcheson said, noting he has family members who use nothing but plastic.
Hutcheson said the technology trend is a trend that all banks are facing, noting bank officials faced some tough decisions on the issue. There is no word on how many jobs will be lost. Hutcheson said officials hope to use attrition to pare down the number of employees.
