Hampton Roads Bancshares (HMPR) in Virginia Beach is reducing its branch network.
The $2 billion-asset company will close seven branches. Hampton Roads said in a press release Wednesday that the closings should take place in June and July. Five of the branches are in Virginia; two are in North Carolina.
The closings are part of a strategic plan to balance online and branch-based retail banking, the company said. Hampton Roads will record a charge in the first quarter for the closings, though it expects significant savings from the moves.
"Our goal is to deliver the right mix of full-service branch locations and online and mobile banking capabilities, supported by the best bankers, to allow our customers to bank with us when, where and how they choose," Douglas Glenn, the company's president and chief executive, said in the release.
After the closures, Hampton Roads will have 33 branches between its two banks, Shore Bank and Bank of Hampton Roads.
Hampton Roads has been working to recover from the steep losses it suffered after the financial crisis. It reported a $25.1 million loss last year, though the loss was 75% lower the hit it took in 2011.