Finward in Indiana mulling branch closures

Finward Bancorp in Munster, Ind., is evaluating the size of its branch network.

The $2 billion-asset company said in a press release Wednesday that it plans to close two locations and is looking at four others for potential closure. If those branches are closed, it would reduce the size of Finward’s network by 20%, to 24 locations. 

“The redeployment of occupancy expenses into building a digital-forward foundation to meet customer expectations will continue Finward’s digital-first future,” the company said in the release. 

“We will continue to tackle big technology investments and expenses to improve our digital user experience and operating environment throughout 2022,” Benjamin Bochnowski, Finward’s president and CEO, said in the release. 

“Despite the rapidly changing environment, we continue to deliver financial performance that allows for the ongoing investments in the digital transformation process," Bochnowski added.

Finward said it is making progress building onto Salesforce. The company also plans to deploy nCino to “fully leverage the digital integration between credit and lending while improving the customer experience and overall risk management of the loan portfolios.” 

The company said those technology initiatives cost about $259,000 in the first quarter.