Northeast Bank (Lewiston, Maine) will be revising its branch strategy over the coming months to gain efficiencies.
In response to changing customer habits, traffic patterns and technology, Northeast is closing and opening branches throughout its network to achieve, what the bank calls, a more balanced approach to its branching strategy. This approach of opening and closing branches includes the recent opening of Northeast's new branch in Poland, Maine, and the closing of a branch located in Lewiston and one in Mechanic Falls.
"Opening and closing branches is part of the management decision-making process, taking into account transaction volumes, customer traffic, community development trends and other indicators, like the growth of online and mobile banking, an area we've been investing heavily in new technology and expanded platforms over the past 18 months," said Northeast president and CEO Jim Delamater in a statement. "It's an interesting phenomenon, we're seeing an increase in new customers and accounts, yet branch transaction levels are on the decline with self-service and electronic banking steadily rising."