11/03/2021: Jeffersonville Bancorp Announces the Closing of its Narrowsburg and Loch Sheldrake Branch Offices
Jeffersonville Bancorp Announces the Closing of its Narrowsburg and Loch Sheldrake Branch Offices
JEFFERSONVILLE, N.Y., November 3, 2021 (Prime Newswire) — Jeffersonville Bancorp, Inc. (“the Company”) (OTCQB – JFBC), the parent company of Jeff Bank (the “Bank”), today announced it will close its branch offices located in Narrowsburg and Loch Sheldrake, NY effective February 11, 2022. The Narrowsburg accounts will be transferred to the Bank’s Callicoon branch and the Loch Sheldrake accounts will be transferred to the Bank’s Liberty branch. Customers will be receiving a letter in the coming days outlining the details of the transition.
“After examining branch profitability through our strategic planning review, we decided it was prudent to close the Narrowsburg and Loch Sheldrake offices. This action is consistent with other banks throughout the country that are closing less profitable branches. We are optimistic, based on our extensive branch network in Sullivan County, as well as the availability of online, telephone, mobile, and ATM banking, that we will retain many customer relationships from the affected branches” said George Kinne, President and Chief Executive Officer. “We believe the branch closures will enhance our efficiency, reduce operating expenses, and provide a better return on earning assets and shareholder equity. Importantly, we expect all employees of the affected branches will remain with the bank and continue to provide excellent service to our customers at nearby locations.”
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains twelve full service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Loch Sheldrake, Monticello, Narrowsburg, Port Jervis, White Lake and Wurtsboro.
For more information, call: (845) 482-4000
Contact: George W. Kinne, Jr., President-CEO