Idaho-based Home Federal Bancorp announced late Friday that it will be closing four of its Oregon branches in early 2013. The February closures will bring to 10 the number of branches Home Federal will shutter within a year.
Home Federal took over the branches when it assumed the assets of failed banks in 2009 and 2010. Home Federal officials announced on Friday that Oregon employees affected by the closures "would be given the opportunity to apply for other positions within the bank."
In its announcement, Home Federal officials said the closures are expected to reduce the bank's expenses by approximately $1.2 million a year. Accounts at the Oregon banks are expected to be shifted to other branches.
"With more clients utilizing electronic banking services, it just makes sense to consolidate branches that are near one another," wrote Len E. Williams, the company's president and chief executive, in Friday's announcement.