A Massachusetts thrift, faced with increasing pressure from Genesis Financial Partners to sell, revealed late last week that it would close three branches and cut staff in an effort to enhance profitability and shareholder value.

The restructuring by Somerville-based Central Co-operative Bank should reduce operating expenses by more than $1 million annually. Central's executives hope to implement the restructuring, which also includes closing an operations facility and loan origination center, in three to nine months.

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