Old National Bancorp plans to close six Wisconsin branches in November, including the locations in Menomonee Falls and Glendale.
All of the branches will be consolidated into the nearest branch. The 2,000-square-foot Glendale branch, located at 5522 N. Port Washington Road, will be absorbed by West Allis and the 4,100-square-foot Menomonee Falls office, at N78 W14651 Appleton Ave., will be consolidated into the Brookfield branch, said Kathy Schoettlin, executive vice president of communications at Old National.
Evansville, Indiana-based Old National will also close four other branches in Wisconsin, in Berlin, Ripon, Plover and Boscobel. All of the impacted locations, which will close Nov. 10, were leased. Once the closures are completed, the bank will have 40 Wisconsin banking offices, four of which are in southeastern Wisconsin.
On average, each Old National Bank branch has five to six employees.
And in 2018, Old National plans to add a new branch in downtown Milwaukee, Schoettlin said. The company is seeking an existing space of an undisclosed size in a “prominent location.”
“Specific to the Milwaukee locations, I will tell you that we’ve had challenges with accessibility,” she said. “We hope to find an additional location that we will open in 2018 in the downtown Milwaukee area. That really is a more prominent location and provides greater access to our clients.”
The outstate branches suffered from reduced traffic as more customers bank online, which contributed to their closure.
Old National declined to disclose the number of customers or assets expected to be retained in the consolidations. As of June 30, the bank had total assets of $14.9 billion and 199 offices in Wisconsin, Indiana, Kentucky, Illinois and Michigan. Old National entered the Wisconsin market when it acquired Madison-based Anchor BanCorp Wisconsin Inc. last year.
This article was originally published in BizTimes Milwaukee.