Madison-based AnchorBank has been assessing company performance for enhancements to revenue and cost control.
"It is never an easy decision to close a branch because of the impact it has on our fellow employees and customers," stated Chris Bauer, AnchorBank president and chief executive officer. "We have met with all the impacted employees, and we are committed to working with them to find positions at one of our other branches as openings become available."
The decision to close the branches was based on cost control and expense reduction as AnchorBank continues to seek recapitalization through investment opportunities.
"We reviewed our distribution system looking at optimum coverage for service and sales levels. Most banks and retailers around the country revisit their branch or store networks on a regular basis, and AnchorBank is no exception. With these two branches, we made a prudent decision based on long term profitability prospects and coverage overlap," said Scott McBrair, AnchorBank executive vice president of retail banking. “We believe there will be minimal disruption in our ability to serve our valued customers as they will continue to have convenient personal access to their AnchorBank accounts.”
A total of 11 positions will be eliminated through the consolidation. AnchorBank will work with employees to provide outplacement services to help assure a smooth and successful career transition. After the closings are completed in August, AnchorBank will have more than 700 employees at 54 locations throughout the state of Wisconsin.