ST. LOUIS — First Mid Bank & Trust is closing 10 of its 63 branches, including one in Swansea.
First Mid said the branch, at 4101 N. Illinois St., is expected to close in the spring, due a nearby branch in Fairview Heights owned by Providence Bank, which First Mid is acquiring.
The companywide branch closures are designed to address increasing customer use of digital and mobile banking and operational efficiencies. “Our customers’ preferences have accelerated toward digital banking and we can consolidate these lower-usage branches into our other locations in close proximity, while still providing the community bank experience our customers expect,” said Joe Dively, First Mid chairman and CEO.
First Mid said it anticipates about $2 million in total non-recurring costs during 2021, with annual cost savings of about $1 million beginning in 2022.
Laura ZuHone, vice president and director of marketing, said First Mid, which is based in Mattoon, Illinois, is still finalizing its closure plans and will release more information at a later date.
First Mid announced in September that it was acquiring Providence Bank, based in Columbia, Missouri, for $145 million.
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