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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Royal Bank of Canada    RY   CA7800871021

ROYAL BANK OF CANADA

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Bank of America pulls ATMs from two grocery store chains

07/30/2012 | 03:53pm EST
A man uses a Bank of America ATM in uptown Charlotte

(Reuters) - Bank of America Corp (>> Bank of America Corp) is removing ATMs from two grocery store chains in the southeast as it continues to trim its retail banking operations.

(Reuters) - Bank of America Corp (>> Bank of America Corp) is removing ATMs from two grocery store chains in the southeast as it continues to trim its retail banking operations.

The second-largest bank has been pulling machines from Harris Teeter Supermarkets Inc (>> Harris Teeter Supermarkets Inc) and Bi-Lo LLC locations last month and this month, Bank of America spokeswoman Tara Burke said on Monday.

The bank is focusing on offering customers full-service automated teller machines that have 24-hour access and expects to add more machines in the future, Burke said. Some of the grocery store locations weren't open 24 hours a day, and some of the ATMs didn't allow deposits.

The bank is removing 36 ATMs from Harris Teeter stores and 25 from Bi-Lo locations. The bank's ATM count was 16,220 at the end of June, down 9 percent from a year earlier, according to its most recent earnings report.

Bank of America last week said it had exited Valero Energy Corp (>> Valero Energy Corporation) convenience stores and Simon Property Group Inc (>> Simon Property Group, Inc) mall locations, contributing to the decline in its ATM numbers.

Bank of America Chief Executive Brian Moynihan has been cutting branches and jobs in the bank's signature consumer banking unit as new regulations and low interest rates crimp revenue. The unit had $7.3 billion in revenue in the second quarter, down from $8.7 billion a year earlier.

The bank has previously said it plans to close or sell about 750 branches over the next few years. Its total branches have dropped nearly 3 percent to 5,594 over the past year.

PNC Financial Services Inc (>> PNC Financial Services) is picking up some of the ATM locations shed by Bank of America. The regional lender on Monday said it was deploying 191 ATMs in Harris Teeter stores in North Carolina, South Carolina, Florida, Georgia, Virginia, Maryland and Delaware between mid-July and early September.

Pittsburgh-based PNC entered the U.S. Southeast with its March 2012 purchase of Royal Bank of Canada's (>> Royal Bank Of Canada) U.S. subsidiary. It has more than 7,100 ATMs.

(Reporting By Rick Rothacker in Charlotte, North Carolina; Editing by John Wallace and Tim Dobbyn)

By Rick Rothacker


© Reuters 2012
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 1.88% 28.69 Delayed Quote.-17.69%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.10% 0.77263 Delayed Quote.-0.03%
PNC FINANCIAL SERVICES GROUP, INC. 1.92% 140.72 Delayed Quote.-13.51%
ROYAL BANK OF CANADA 0.92% 107.04 Delayed Quote.3.22%
SIMON PROPERTY GROUP, INC 2.93% 84.99 Delayed Quote.-42.57%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) -0.42% 1.29357 Delayed Quote.-0.03%
VALERO ENERGY 1.17% 54.4 Delayed Quote.-39.54%
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Financials
Sales 2020 46 655 M 36 055 M 36 055 M
Net income 2020 10 995 M 8 497 M 8 497 M
Net Debt 2020 - - -
P/E ratio 2020 14,0x
Yield 2020 4,04%
Capitalization 151 B 116 B 117 B
Capi. / Sales 2020 3,23x
Capi. / Sales 2021 3,25x
Nbr of Employees 83 734
Free-Float 96,4%
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Average target price 108,96 CAD
Last Close Price 106,06 CAD
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