Old Line Bancshares in Bowie, Md., is planning to close four branches.
The $1.2 billion-asset company said in a press release Friday that the closings, set for December, will save it roughly $2 million next year. Old Line will incur about $1.2 million in charges that will be recognized in the fourth quarter.
The company said the closings resulted from an evaluation that measured near-term growth potential in the branches, along with the bank's ability to keep servicing clients' needs at nearby locations.
"Making the decision to consolidate branches is never an easy one," James Cornelsen, Old Line's president and chief executive, said in the release. "Our branch network has more than doubled since 2011. Old Line Bank offers many delivery systems that enable our customers to interact with us and take care of their banking needs. The necessity to have multiple branches in close proximity to one another is just not as important as it used to be for our customers."
Old Line has 23 branches in Maryland and the Washington suburbs.
