Mid Penn Bancorp (MPB) to Consolidate Branches Amid Pandemic
In response to the rapid shift in consumer preference toward digital banking amid the pandemic, Mid Penn Bancorp, Inc. MPB has announced plans of consolidating three of its retail branch networks effective Dec 31, 2020. With this move, the bank aims to optimize the delivery of its banking services.
Notably, the consolidation will affect the Malvern, Pillow and Vanderbilt locations. Customers are expected to be able to continue to access nearby branches as well as a robust set of technology-based services.
The consolidation is anticipated to result in annualized savings of more than $150,000. The company expects to recover one-time costs associated with the initiative by third-quarter 2021.
Rory Ritrievi, the company’s president and CEO, stated, “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.”
Ritrievi added, “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.”
The consolidation is not expected to result in any lay-offs or job losses. Employees at the impacted branches will continue to deliver best-in-class service at other locations in the region.
Over the past six months, shares of Mid Penn Bancorp have lost 1.4% against a rise of 15.3% recorded by the industry.
Currently, the company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Notably, the coronavirus pandemic is aiding banks’ efforts to bolster their digital capabilities and reduce physical presence. Companies like HSBC Holdings HSBC, Bank of America BAC and JPMorgan JPM are investing heavily in technology upgrades to enhance the digital experience for customers.
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