Richmond, Va.-based UnionBankshares Corp. is closing five additional branches by the end of September,according to an earnings call transcript.
The closure will reduce expenses by approximately $1.5 millionbeginning in the fourth quarter, executives said. The bank said four net branchclosings were completedduring the second quarter, which resulted in $925,000 in annual savings that willreflect in the third quarter, according to the transcript.
The company also expects $400,000 of closing expenses in thethird quarter, executives said.
The bank is approaching the $10 billion threshold and could crossit organically sometime midyear 2019 to midyear 2020 if asset growth is sustained,executives said.