Orrstown Financial Services in Harrisburg, Pa., plans to close six branches in Pennsylvania and Maryland.
The $2.2 billion-asset company said in a regulatory filing that one branch will close in the third quarter. The rest will likely close in the fourth quarter.
The closures will result in a one-time pretax charge of about $534,000. The closures should generate about $1.7 million of pretax annual expenses.
“These changes are designed to align the bank’s resources with the evolving needs of its local clients and the broader banking landscape,” the company said in the filing. “There are some instances where branches currently serve the same local area.”
Orrstown will have 38 full-service branches and seven limited-service locations after the closures.