Bank Mutual Corp. is planning to close seven branches in Wisconsin.
The closures are expected to save the Milwaukee company approximately $1.5 million in expenses annually, according to a press release Monday.
However, Bank Mutual expects to incur one-time costs of nearly $600,000 from asset disposition, employee severances as well as data-processing and professional fees. The $2.3 billion-asset company will record these expenses as part of its first-quarter results, the release said.
Many employees affected by the closings will be offered comparable positions at nearby branches, Bank Mutual said. The closures, which require regulatory approval, are expected to be completed by the second quarter. Once they are done, Bank Mutual will operate 68 branches in Wisconsin and one in Minnesota.