Home Federal Bancorp Inc., the parent company of Home Federal Bank, announced late Friday the pending closure of four branches in Oregon, including two of its six Bend branches.
Len E. Williams, the company's President and CEO, commented, "In this ever-changing economic and regulatory climate, prudent management calls for us to continuously monitor our distribution channels and the costs to deliver banking services.
"Our decision to consolidate four branches into nearby locations is a direct result of evaluating how we can continue to offer top-quality banking services at competitive rates and prices.
"With more clients utilizing electronic banking services, it just makes sense to consolidate branches that are near one another. This should have minimal or no impact on our clients, and many of our team members affected by the consolidation will have opportunities to apply for other positions within the bank," Williams concluded.
The company estimates the branch closures will reduce pre-tax income from operations by approximately $539,000 for the quarter and fiscal year ending December 31, 2012, but will reduce expenses by approximately $1.2 million annually thereafter.
The following table lists the branches that will be closed, as well as the nearest branch where clients can continue to receive full-service support from Home Federal Bank team members:
|Closed Branch||Nearest Home Federal Bank Branch|
|20365 Empire Avenue, Bend, Oregon||805 NW Bond Street, Bend, Oregon|
|61379 South Hwy 97, Bend, Oregon||671 NE Greenwood, Bend, Oregon|
|590 Union Avenue, Grants Pass, Oregon||660 SE 7th Street, Grants Pass, Oregon|
|295 E. Barnett Road, Medford, Oregon||1000 Biddle Road, Medford, Oregon|
The bank said it expects the closures to be complete by February 28, 2013.
Home Federal also two other Bend locations, a branches on SW Century Drive and their commercial lending center on NW Arizona Avenue, and three other Central Oregon branches, in Madras, Redmond and Prineville. (Branches in La Pine and Terrebonne were closed previously)
About the Company
Home Federal Bancorp, Inc., is headquartered in Nampa, Idaho, and is the parent company of Home Federal Bank, a community bank originally organized in 1920. The Company currently serves southwestern Idaho and Central and Western Oregon through 28 full-service branches and two commercial loan production offices. The Company's common stock is traded on the NASDAQ Global Select Market under the symbol "HOME" and is included in the Russell 2000 Index. For more information, visit the Company's web site at www.myhomefed.com/ir.