National Bank in Colorado joins growing list of banks closing branches
National Bank Holdings in Greenwood Village, Colo., is planning to close 12 branches.
The $6 billion-asset company said in a Thursday regulatory filing that the branches are in several of its markets. On March 31 the branches made up roughly 12% of its branches.
National Bank said it plans to shut down the branches by the end of this year.
“These actions are a result of the company’s increased focus on balancing physical locations and digital banking channels, driven by increased client usage of online and mobile banking and a commitment to improve digital banking technology,” the filing said.
National Bank said it expects to save about $3.5 million a year.
The company said it will incur $2.5 million in pretax expenses tied to the closings. It plans to record “a majority” of the expenses as part of its second-quarter results.
Several other banks have announced branch closures in recent weeks, including CB Financial Services in Carmichaels, Pa.; Mercantile Bank in Grand Rapids, Mich.; and Nicolet Bankshares in Green Bay, Wis.