Primis Financial in McLean, Va., is closing eight branches this month.
The $3.8 billion-asset company said in a press release that it is closing the locations in late October. That represents about a quarter of Primis’ branches.
Primis incurred about $1.5 million of one-time expenses in the second quarter tied to the planned closures. The move should save Primis about $2.9 million annually.
The company said when it announced second-quarter results that it would save another $6.5 million a year from “administrative reductions.”