Citizens Community Bancorp in Eau Claire, Wis., said it plans to close four branches in Walmart stores in mid-November.
The $601 million-asset holding company for Citizens Community Federal said the limited-service branches are in Fond du Lac, Oshkosh, Appleton and Neenah, Wis. They hold $57.7 million in deposits, a large percentage of which are high-cost certificate of deposit accounts.
The company said that it expects to incur a total pretax charge of about $720,000 during the fourth quarter and the subsequent quarter related to the branch closings but that it will start to benefit from them in the second quarter of 2017.
"This approach is consistent with other banks throughout the country that are closing less profitable branches and providing additional electronic services to enhance operating efficiencies and, in turn, improve shareholder returns," the company's new president and CEO, Stephen Bianchi, said in a press release Wednesday.
Citizens announced on June 24 that Bianchi had succeeded Edward Schaefer, who resigned. Also in June, the company announced it had hired the investment bank FIG Partners to help it explore strategic options and maximize shareholder value.