DCB Financial Corp. in Lewis Center, Ohio, is closing a quarter of its branches and cutting 18% of its workforce in the next 90 days, according to a news report.

Columbus Business First reported Thursday that the parent company of Delaware County Bank & Trust would close five offices in Dublin, Marysville, Ostrander and Columbus Oct. 14, eliminating about 31 jobs.

The branch closures are expected to reduce the company's annual overhead by roughly $1 million.

Delaware County Bank, which lost nearly $13 million last year, has been downsizing in an effort to improve its performance. At March 31 it had $587 million of assets, down nearly 15% from a year earlier.

It turned a $6,000 profit in the first quarter, but its efficiency ratio increased to 87.5% at March 31, up from 81% a year earlier.

A call to DCB Financial was not returned.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.