Customers Bancorp in Malvern, Pa., plans to close five branches in Pennsylvania.
The $19.2 billion-asset company said in a press release Friday that will shutter locations in Reading, Langhorne, Newtown Square and Wayne. Accounts will be transferred to other branches.
The closings are expected to take place in late October and early November.
Customers has been focusing on opening commercial lending offices in other markets, along with investments in blockchain-related products.
“The truth of the matter is more and more clients have moved to mobile and online banking making physical branches less necessary and more expensive,” Sam Sidhu, Customers’ president and CEO, said in the release.
“This consolidation provides wider services to a greater number of clients both on a local and on a national basis,” Sidhu added.
Customers’ employees displaced by the closings will have the ability to post for open positions during this transition.