Johnson Bank closes Lake Geneva branch
Bank officials said Thursday that branches in Lake Geneva and Sheboygan would close Dec. 17. In addition, Johnson will close a drive-up location in Racine.
The moves are the result of the economy, branch performance and the impact on clients.
"No one is immune to the impact caused by the current economic situation," said Russ Weyers, Johnson Bank's incoming chief executive officer. "We're making decisions so we can be an even stronger financial partner in the future for our clients."
About 12 employees will be affected, including five in Lake Geneva.
A company spokeswoman said some employees would be able to transfer to another office, while others may have to post for jobs within the organization.
Weyers expects the impact on clients to be minimal.
The Lake Geneva office will be consolidated in Burlington, while the Sheboygan business will move to Kohler. Because Johnson Bank customers are assigned to specific offices, their accounts will be transferred to the other offices, the spokeswoman said.
"Our client relationships are important to us, and we appreciate their business," Weyers said. "Our clients can expect the same high level of service they're accustomed to at Johnson Bank."
Johnson Bank is part of Johnson Financial Group, a financial services company offering comprehensive financial solutions in the areas of banking, trust, insurance, investments, mortgage and leasing. It operates in Wisconsin and Arizona.
The bank had assets of $5.14 billion as of June 30. Its net income was $9.9 million for the first half of 2010 compared with net income of $10.75 million a year earlier, according to Federal Deposit Insurance Corp. filings.