Village Bank is closing three of its four branches due to economic conditions, bank officials said this morning.
The Springfield-based bank is closing its two Springfield branches - at 2760 S. Kansas Expressway and 1776 E. Independence St. - as well as its branch in Ozark, at 1301 W. South St., on Dec. 11. The bank's main branch, at 2360 E. Sunshine St., will remain open.
"The current economic environment has had an impact on businesses nationwide, including Village Bank," the bank said in the release. "We are taking appropriate actions to streamline operations to enable Village Bank to continue to provide excellent service to our customers and the community."
The employees of the affected branches, who were notified Friday of the closure, are being offered severance packages if they stay on with the bank until Dec. 11, according to bank President and CEO George Marino.
He added that Village Bank officials have contacted other Springfield banks to alert them of the closure and seek help in placing affected workers.
"We're going to try to place anyone that wants to be placed with another bank in the area," Marino told Springfield Business Journal. "We can't hire for them, but we can sure make a sincere effort to get that done."
Customers were notified by mail on Friday about the closure. The release also notes that all accounts remain covered by insurance through the Federal Deposit Insurance Corp.
The bank, founded in Springfield in 1997, has been in consolidation mode since last year; it sold its branch at 2920 E. Chestnut Expressway to Bank of Bolivar in late 2008, citing a desire to shrink to a more manageable size.
As of June 30, Village Bank assets totaled $92 million, loans totaled $64.8 million, and deposits totaled $67.9 million, according to data from the FDIC.
Jim Anderson, former Director of Marketing and Public Affairs at CoxHealth, says it's important to be a sherpa for those climbing the Mt. Everest of their career.
Building Business Relationships
Captain Taylor Fox, an F-22 Raptor pilot and entrepreneur, says building relationships is one key to a successful business. Demonstrating dedication, consistency and confidence will help you attract …
Are You in Over Your Head?
Are you out of your depth in your job situatuation? Jim Ampleman of WireCo WorldGroup has a simple solution.
“We’re in the people helping business.”
Larry Peterson, Executive Director, Habitat for Humanity or Springfield Missouri, says there are some misconceptions about the nonprofit group. While they do accept donations they are not a charity …
Caleb Arthur, founder and CEO of Sun Solar, says you need to work on your communication skills within your business. He says it can be a struggle for every business and even small things can grow …