Bank Mutual in Milwaukee is trimming its branch network by seven locations.
The $2.6 billion-asset company said in a press release Tuesday that it will sell five branches, including $52.6 million in deposits and $13.2 million in loans, to Marine Credit Union in La Crosse, Wis. The sales are expected to close in the third quarter.
Bank Mutual will exit the Wisconsin markets of Kenosha, Racine and Sheboygan after selling the branches. The company did not disclose the price it received for the locations.
The company also plans to close branches in the Wisconsin communities of Monona and Neenah in June. Bank Mutual said it expects to retain the majority of the $19.1 million in deposits and $9.6 million in loans at the two branches.
Bank Mutual said it will incur one-time costs of about $250,000, with about $71,000 of the charges occurring in the first quarter. The rest of the costs will be recorded in the third quarter.
The company will have 57 branches after the closures take place.