Wisconsin’s third largest home-based bank says it will close 4 branches in March, as part of a $3.5 million cost-cutting effort. Bank Mutual of Brown Deer will close offices in Eau Claire, Hortonville, New Holstein, and Cedarburg. The closings are expected to save $1 million a year. The rest of the savings will come by freezing benefits in Bank Mutual’s pension plan as of December 31st.
About ten percent of the employees were still getting added benefits, after the rest had theirs frozen in the past. After next year’s branch closings, Bank Mutual will have 64 offices in Wisconsin and one in Minnesota.