FMBH - First Mid Bancshares sees ~$2M one-off costs in 2021 on its branch optimization plans

First Mid Bancshares (FMBH) plans to close and consolidate 10 of its 63 full-service branches during 2021.It expects ~$2M in non-recurring costs during 2021, assuming no gain or loss on the owned facilities. However, the company  estimates annual cost savings of ~$1M with the first full year benefit in 2022.The move comes in the company's plan to optimize its branch network, where one of its closures is planned pursuant to the pending acquisition of LINCO Bancshares and another location will be converted to a loan production office.

For further details see:

First Mid Bancshares sees ~$2M one-off costs in 2021 on its branch optimization plans