Bank Mutual is planning to shut down seven retail branch offices in a cost cutting drive.
The offices to be closed are located in the communities of Barron, Brillion, Cornell, Peshtigo in Wisconsin, the office at Gordy’s County Market at 2717 Birch Street in Eau Claire, 2255 University Avenue office at Green Bay, and 2409 Hils Court North East office at Menomonie.
The move is projected to reap annual net cost savings of about $1.5m.
Bank Mutual will continue to provide products and services to affected customers through its other nearby locations, as well as its electronic and mobile banking channels.
The management hopes that majority of the deposits and loans currently serviced through the affected locations will be retained. The branches held $76.1m in deposits and $26.4m in loans as of December 31, 2014.
The closures are scheduled to be completed during the second quarter of this year.