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Bank Mutual Corp. is planning to close seven branches in Wisconsin.
February 10 -
Capital Commerce Bancorp in Milwaukee has raised more than $11 million through a private placement.
October 7 -
First South Bancorp in Washington, N.C., will close three branches as part of a larger branch-restructuring plan.
November 18
Bank Mutual in Milwaukee will freeze pension benefits and close four branches in a bid to cut costs.
The $2.5 billion-asset company will freeze pension benefits for the 10% of its workforce that still receive a pension. Bank Mutual estimated that the freeze will produce $2.5 million in yearly savings.
Bank Mutual will shutter offices in Eau Claire, Cedarburg, New Holstein and Hortonville, Wis. The closures, scheduled for March, are projected to save $1 million per year, after one-time costs of $650,000 to dispose of assets, pay employee severance and cover professional fees. Most of the $650,000 expense will be recorded in the fourth quarter. Bank Mutual did not disclose the number of jobs it will cut.
Bank Mutual expects to retain the majority of the $47.5 million in deposits and $6.9 million in loans associated with the four branches, by redirecting its customers to nearby branches.
Bank Mutual will operate 64 branches in Wisconsin and one in Minnesota after the closures.
