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.”