Northwest Bancshares in Warren, Pa., plans to close a fifth of its branches.
The $13.8 billion-asset company said in a press release Monday that it will shutter 42 of its 205 branches, along with a business office. The closings will take place in mid-December.
“Our customers’ banking preferences continue to evolve to favor a more digital banking experience and the COVID-19 pandemic has magnified and accelerated these preferences,” Ronald Seiffert, Northwest’s chairman, president and CEO, said in the release.
“This branch optimization plan reflects our ongoing efforts to ensure we are well positioned in our industry to provide the community bank experience that is valued by our customer base while also enhancing our strong digital and mobile banking presence,” Seiffert added.
Northwest said it expects to record $12 million in one-time costs over the second half of this year. The effort should save the company about $13 million annually.
Several banks have announced
