County Bank is pruning its branch system in southern Delaware.
Earlier in the fall, the locally owned bank announced it would shutter branches in Seaford and Laurel, with customers moving to the bank’s Georgetown branch. The bank is based in Rehoboth Beach.
The Seaford and Laurel branches will close on December 31, 2012. The company has nine branches in an area extending from Milford to Rehoboth.
The branch consolidation is part of a County Bank plan to increase its efficiency and refocus its resources, according to a release.
“We are committed to providing our customers with the very best service and introducing innovative products that they value,” said David E. Gillan, CEO of County Bank. “It is never easy to close a branch, but we decided to consolidate the Seaford and Laurel branches into our Georgetown branch to better focus our resources and increase our efficiency. This will enable us to build on our heritage of serving the needs of southern Delaware residents.”
The Seaford and Laurel branches were affected by the growth slowdown in the region, as well as significant competition for customers in those areas. Other financial institutions, including WSFS and the state’s credit unions, making competition for deposits and loans more intense.
“The performance of the people in affected branches has been outstanding and we appreciate the effort they have made,” Gillan said.
County Bank has no plans for additional branch restructuring, the release noted.
