Aberdeen, Wash.-based Bank of the Pacific is closing one office each in Washington and Oregon, citing low foot traffic and lack of market penetration.
Effective February 1, customer accounts from the Naselle, Wash., branch will be consolidated into the nearby Long Beach or Cathlamet branches in coastal Washington. The Warrenton, Ore., accounts will be consolidated into the adjoining Astoria or Seaside branches in coastal Oregon. ATMs will remain open at both locations.
Declining foot traffic and branch transactions drove the Naselle closure, while Bank of the Pacific cited a failure to attain desired market penetration for the Warrenton branch.
“While we are closing the physical locations in Naselle and Warrenton, business development efforts will continue in both markets,” said Denise Portmann, president and CEO of the $887 million. “We believe optimizing our branch network plays a significant role in prudently allocating our capital resources.”
The closures are expected to save Bank of the Pacific $437,000 in operating costs, Portmann said. The company will take a one-time charge of approximately $60,000 for associated closing costs, including severance and write-down of fixed assets.