Mid Penn Bank has announced the planned consolidation of three branches in its retail network, effective Dec. 31, 2020.
The consolidation – which affects its Malvern location, as well as locations in Dauphin and Fayette counties – is part of Mid Penn’s strategy to optimize the delivery of banking services and in response to shifting consumer preferences. Customers will continue to have access to nearby branches, as well as a robust set of technology-based services.
“As we prepare for new days ahead in our industry, we are continually evaluating how we deliver our brand of community banking to the customers and communities we serve,” said Mid Penn Bank President and CEO Rory Ritrievi.
“We are committed to providing easy access to services when and where our customers expect them. As we watch foot traffic in our traditional brick-and-mortar offices decline, we see sharp increases in adoption of online and mobile delivery channels in both our consumer and commercial customer bases. The ability to effectively bank anywhere and at any time is now expected to be part of our standard delivery.”
The bank expects no layoffs or job losses as a result of this consolidation; employees at the impacted branches will continue to deliver best-in-class service at other locations in the region. The company anticipates annualized savings in excess of $150,000 and anticipates recouping the one-time costs associated with the initiative by the third quarter of 2021.
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