HARRISBURG – Riverview Financial Corp., the holding company for Riverview Bank, on Friday announced the planned consolidation of two branch offices.
These closures are part of the company’s ongoing efficiency initiatives, which began in earnest during 2019.
During 2020, Riverview continued to evaluate its branch network by utilizing its retail branch performance and resource allocation analytics.
After evaluating the results, the company determined to close two additional branch offices in the first quarter of 2021, pending regulatory approval.
Accordingly, the Tower City Office, located at 920 E. Wiconisco Ave., Tower City, Pa., and the Camp Hill Office, located at 3556 Gettysburg Rd., Camp Hill, PA will be closed.
Customer accounts of the Tower City Office will be transferred to Riverview’s Elizabethville Office, located at 34 S. Market St., Elizabethville, Pa., while those accounts of the Camp Hill Office will be transferred to Riverview’s Ridgeview Office, located at 500 S. State Rd., Marysville, Pa.
Riverview anticipates annual pre-tax savings of $1.0 million as a direct result of these two office closures, and expects to recognize $1.0 million in pre-tax nonrecurring charges in the fourth quarter of 2020.
Brett D. Fulk, president and chief executive officer, commented, “While we have historically seen a steady consumer transition towards greater utilization of bank technology to satisfy banking needs, the current COVID-19 Pandemic accelerated this process throughout our markets and within the banking industry, and it is increasingly clear that these behavioral changes are permanent.
“Evidenced, in part, by the lack of a return of foot traffic to reopened lobbies to pre-pandemic levels, customers continue to rely more heavily upon our customer-friendly technological banking capabilities.
“Significant increases in the use of telephone banking, online banking, mobile banking, remote deposit capture, and electronic bill pay demonstrate that we must continue to evaluate our delivery channels, shifting resources and focus as customer demands change.”
Fulk went on to say, “the decision to close offices is never easy, however we must continue making changes necessary to create a more efficient organization while continuing to meet customer demand.”