Bank Mutual has agreed to sell five retail bank branches in Wisconsin, including $52.6m in deposits and $13.2m in loans, to another financial institution.
Of the branches to be sold, one is located in Kenosha, two in Racine and two in Sheboygan, Wisconsin.
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The sale is expected to be completed in the third quarter, subject to regulatory approvals.
At the same time, Bank Mutual also decided to consolidate two retail branches in Monona and Neenah, Wisconsin, into other nearby locations.
The consolidations process is expected to be wrapped up in June this year. Bank Mutual intends to retain majority of the $19.1m in deposits and $9.6m in loans from these branches following the consolidation.
The bank expects the move to affect only “a few” staff, due to the recent attrition and opportunities for comparable positions at its nearby locations.
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By GlobalData“Once fully implemented, management anticipates that these decisions will provide approximately $1.3 million in net benefit to pre-tax earnings on an annualized basis,” Bank Mutual said.
After the sale and consolidations, Bank Mutual will have 57 banking branches in Wisconsin and one in Minnesota.
