The First of Long Island in Glen Head, N.Y., plans to close eight branches at the end of November.
The $4.1 billion-asset company said in a press release Wednesday that it expects to record a pretax charge of up to $3.8 million over the rest of the year tied to the planned closures. The effort should add $2.3 million to the company’s pretax income next year.The First of Long Island closed
six branches in 2020.
The company has been focused on
opening new locations in eastern Suffolk County, including a branch that opened
in December and another set to debut in coming weeks.
“By optimizing the strategic
placement of our physical branch network, we are ensuring appropriate resource
allocation to our growing market area,” Chris Becker, the company’s president and
CEO, said in the release.
“At the same time, our
investments in digital channels allow us to best serve customer demand no
matter the physical location,” Becker added. “Our goal is to provide our
customers access to exceptional banking services throughout the bank’s
footprint while also improving convenience and efficiency for long-term
success.”
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