We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Mid Penn Bancorp (MPB) to Consolidate Branches Amid Pandemic
Read MoreHide Full Article
In response to the rapid shift in consumer preference toward digital banking amid the pandemic, Mid Penn Bancorp, Inc. (MPB - Free Report) has announced plans of consolidating three of its retail branch networks effective Dec 31, 2020. With this move, the bank aims to optimize the delivery of its banking services.
Notably, the consolidation will affect the Malvern, Pillow and Vanderbilt locations. Customers are expected to be able to continue to access nearby branches as well as a robust set of technology-based services.
The consolidation is anticipated to result in annualized savings of more than $150,000. The company expects to recover one-time costs associated with the initiative by third-quarter 2021.
Rory Ritrievi, the company’s president and CEO, stated, “As we prepare for new days ahead in our industry, we are continually evaluating how we deliver our brand of community banking to the customers and communities we serve. We are committed to providing easy access to services when and where our customers expect them.”
Ritrievi added, “As we watch foot traffic in our traditional brick-and-mortar offices decline, we see sharp increases in adoption of on-line and mobile delivery channels in both our consumer and commercial customer bases. The ability to effectively bank anywhere and at any time is now expected to be part of our standard delivery.”
The consolidation is not expected to result in any lay-offs or job losses. Employees at the impacted branches will continue to deliver best-in-class service at other locations in the region.
Over the past six months, shares of Mid Penn Bancorp have lost 1.4% against a rise of 15.3% recorded by the industry.
Notably, the coronavirus pandemic is aiding banks’ efforts to bolster their digital capabilities and reduce physical presence. Companies like HSBC Holdings (HSBC - Free Report) , Bank of America (BAC - Free Report) and JPMorgan (JPM - Free Report) are investing heavily in technology upgrades to enhance the digital experience for customers.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
Mid Penn Bancorp (MPB) to Consolidate Branches Amid Pandemic
In response to the rapid shift in consumer preference toward digital banking amid the pandemic, Mid Penn Bancorp, Inc. (MPB - Free Report) has announced plans of consolidating three of its retail branch networks effective Dec 31, 2020. With this move, the bank aims to optimize the delivery of its banking services.
Notably, the consolidation will affect the Malvern, Pillow and Vanderbilt locations. Customers are expected to be able to continue to access nearby branches as well as a robust set of technology-based services.
The consolidation is anticipated to result in annualized savings of more than $150,000. The company expects to recover one-time costs associated with the initiative by third-quarter 2021.
Rory Ritrievi, the company’s president and CEO, stated, “As we prepare for new days ahead in our industry, we are continually evaluating how we deliver our brand of community banking to the customers and communities we serve. We are committed to providing easy access to services when and where our customers expect them.”
Ritrievi added, “As we watch foot traffic in our traditional brick-and-mortar offices decline, we see sharp increases in adoption of on-line and mobile delivery channels in both our consumer and commercial customer bases. The ability to effectively bank anywhere and at any time is now expected to be part of our standard delivery.”
The consolidation is not expected to result in any lay-offs or job losses. Employees at the impacted branches will continue to deliver best-in-class service at other locations in the region.
Over the past six months, shares of Mid Penn Bancorp have lost 1.4% against a rise of 15.3% recorded by the industry.
Currently, the company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Notably, the coronavirus pandemic is aiding banks’ efforts to bolster their digital capabilities and reduce physical presence. Companies like HSBC Holdings (HSBC - Free Report) , Bank of America (BAC - Free Report) and JPMorgan (JPM - Free Report) are investing heavily in technology upgrades to enhance the digital experience for customers.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>