Bank of Marin Bancorp in Novato, Calif., plans to close four branches.
The $4.1 billion-asset company said in a press release that it will shutter branches in Santa Rosa, Healdsburg, Tiburon and Buckhorn. Two closures are due to overlap created by the company’s purchase of American River Bank.
The branches, which represent 13% of Bank of Marin’s total network, are set to close in March.
Bank of Marin said it should save $470,000 in 2023 from the closures, inclusive of accelerated costs. The company should save $1.4 million annually after that.