Jeffersonville Bancorp Announces the Closing of its Narrowsburg and Loch Sheldrake Branch Offices

Rhea-AI Summary

Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced the closure of its Narrowsburg and Loch Sheldrake branch offices effective February 11, 2022. This decision follows a strategic review of branch profitability. Customers from these branches will have their accounts transferred to nearby Callicoon and Liberty branches. President George Kinne expressed optimism about maintaining customer relationships through their extensive network and digital services. The closures aim to enhance operational efficiency, reduce costs, and improve returns on assets and equity.

Positive

• Branch closures expected to enhance operational efficiency.
• Projected reduction in operating expenses.
• Retention of employees from the affected branches.

Negative

• Closure of branches may disrupt local customer relationships temporarily.

JEFFERSONVILLE, N.Y., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (“the Company”) (OTCQB - JFBC), the parent company of Jeff Bank (the “Bank”), today announced it will close its branch offices located in Narrowsburg and Loch Sheldrake, NY effective February 11, 2022.  The Narrowsburg accounts will be transferred to the Bank’s Callicoon branch and the Loch Sheldrake accounts will be transferred to the Bank’s Liberty branch. Customers will be receiving a letter in the coming days outlining the details of the transition.

“After examining branch profitability through our strategic planning review, we decided it was prudent to close the Narrowsburg and Loch Sheldrake offices. This action is consistent with other banks throughout the country that are closing less profitable branches. We are optimistic, based on our extensive branch network in Sullivan County, as well as the availability of online, telephone, mobile, and ATM banking, that we will retain many customer relationships from the affected branches” said George Kinne, President and Chief Executive Officer. “We believe the branch closures will enhance our efficiency, reduce operating expenses, and provide a better return on earning assets and shareholder equity. Importantly, we expect all employees of the affected branches will remain with the bank and continue to provide excellent service to our customers at nearby locations.”

Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains twelve full service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake and Wurtsboro.

For More Information, call: 845-482-4000

Contact: George W. Kinne, Jr., President – CEO

FAQ

When will Jeffersonville Bancorp close its Narrowsburg and Loch Sheldrake branches?

Jeffersonville Bancorp will close its Narrowsburg and Loch Sheldrake branches effective February 11, 2022.

What will happen to customer accounts after the branch closures?

Customer accounts from Narrowsburg will be transferred to the Callicoon branch, and Loch Sheldrake accounts will go to the Liberty branch.

What is the reason for the branch closures at Jeffersonville Bancorp?

The branch closures are due to a strategic review of branch profitability.

How is Jeffersonville Bancorp planning to maintain customer relationships?

The company is optimistic about retaining customer relationships through its extensive branch network and digital banking services.

Will employees of the closed branches remain with Jeffersonville Bancorp?

Yes, all employees from the affected branches are expected to remain with the bank.