The Bank Slate


Citizens Community in Wisconsin closing three branches

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.

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