No Job Cuts Anticipated In Move Driven By Foot Traffic Decline
September 22, 2020
Mid Penn Bancorp, Inc., the parent company of Mid Penn Bank (the “Bank”) plans consolidation of three branches in the bank’s retail network effective Dec. 31, 2020. The consolidation, which affects its Malvern (Chester County), Pillow (Dauphin County), and Vanderbilt (Fayette County) locations, is part of Mid Penn’s plan is in response to shifting consumer preferences.
The bank expects no lay-offs or job losses as a result of this consolidation; employees at the impacted branches will continue to deliver 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.
Customers will continue to have access to nearby branches as well as 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. 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 on-line 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,” Mid Penn President and CEO Rory Ritrievi said in a statement.
“How many of the community banks here believe their customer service is average or below average?”
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