PRINCE GEORGE, Va., Jan. 17, 2019 /PRNewswire/
-- Touchstone Bank (the "Bank") (OTC Pink: TSBA) today announced strategic initiatives for 2019.
Transformation and reconfiguration into a lower-cost operating model is a key to success in the current banking
environment. With this in mind Touchstone Bank President and CEO James Black announced
today, "We are launching three key initiatives as part of a greater comprehensive plan to enhance franchise value and improve
operating efficiency. "
These initiatives include opening a new loan center in Wake Forest, North Carolina, closing
the limited service branch in Henderson, North Carolina, and restructuring secondary mortgage
business operations.
The expansion into Wake Forest, North Carolina with a loan office allows the Bank to better
serve customers in northern North Carolina, while providing the financial flexibility that
creates future growth opportunities and enhanced market positioning. With an anticipated opening in March of 2019, it will be
staffed by experienced, local financial professionals who have served the region for years.
After much due diligence, the limited service branch in Henderson, North Carolina, will close
effective April 30, 2019. Although Touchstone Bank will not operate a physical branch, it will
continue serving customers and the community through the existing branch network, digital delivery channels and with team members
throughout the region.
Lastly, the secondary mortgage business line is also being restructured to enhance secondary mortgage services and streamline
the current structure, improving efficiency and customer service.
Black acknowledged that "while the decision to close a branch and restructure the secondary mortgage operations are difficult
changes with personal impact to employees and certain customers, the Bank will ensure that any staff reductions and customer
concerns are handled with care and in a responsible manner. In aggregate, we expect these actions to be net accretive to earnings
for 2019 and beyond. The Touchstone Bank team is dedicated in providing excellent customer service and building a top-performing
community bank. I am proud of the team's ability to execute these initiatives."
About Touchstone Bank
Touchstone Bank is a full-service community bank headquartered in Prince George, Virginia,
with approximately $424 million in total assets. The Bank has eleven branches serving
Southern and Central Virginia and three branches serving Northern
North Carolina. Visit www.touchstone.bank for more information.
Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation
Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those included in these statements due to a variety of factors.
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SOURCE Touchstone Bank