Citizens Community Bancorp in Eau Claire, Wis., is thinning its branch network.
The $1.8 billion-asset company said in a press release that it closed a branch in St. James, Minn., in September. Citizens plans to close two more branches – in Rice Lake, Wis., and Red Wing, Minn. – by the end of this year.
The St. James branch had about $18.7 million of deposits.
Citizens incurred about $302,000 of expenses in the third quarter tied to a branch closure. The expenses included severance pay and accelerated depreciation.