Midland States Bank will shutter one of its two Bradley bank branches as part of its consolidation plan that was announced this past week.
Midland will close its branch at 435 E. North St. in Bradley on Dec. 11.
The decision came “after careful thought and analysis,” Anna Strong, a marketing specialist for Midland States Bank, said in an email.
“Beginning Saturday, Dec. 12, customers will be able to transact business at any Midland location, including the location 1.1 miles away at 980 N. Kinzie Ave. [Bradley]. No action is necessary by customers to transfer accounts to the Kinzie Avenue location.”
Midland also has two branches in Bourbonnais (680 S. Main St. and 576 William Latham Drive) and one in Kankakee (255 E. Station St.), as well as locations in Beecher, Grant Park, Herscher, Manteno and Momence.
The closing of the Bradley North Street branch is one of 13 locations Midland States Bank is closing that accounts for 20% of its branch network. The closings as well as vacating some office space at it corporate headquarters in Effingham will result in annual savings of approximately $1 million beginning in 2022.
“The ongoing COVID-19 pandemic has accelerated the shift toward digital banking and reduced the need for several of our smaller branches,” President and CEO Jeffrey G. Ludwig said in a news release this past week. “Given the proximity of other branches, we believe that these adjustments to our branch network will have a minimal impact on our ability to provide customers with a convenient location to do their in-person banking.
“The cost savings from these branch reductions, taken together with the recent sale of our FHA origination platform, are intended to drive further improvement in our efficiency ratio and result in a more consistent and predictable earnings stream.”