Jeffersonville Bancorp Announces the Closing of its Bloomingburg, NY Branch Office

Jeffersonville Bancorp Announces the Closing of its Bloomingburg, NY Branch Office

JEFFERSONVILLE, N.Y., January 4, 2017 (PRIME NEWSWIRE) — Jeffersonville Bancorp, Inc. (“the Company”) (OTCQB – JFBC), the parent company of Jeff Bank (the “Bank”), today announced it will close its branch office located in Bloomingburg, NY effective April 14, 2017.  The accounts will be transferred to the Bank’s Wurtsboro branch less than 5 miles away. 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 Bloomingburg office. This action is consistent with other banks throughout the country that are closing less profitable branches. We are optimistic, based on the proximity of our Wurtsboro branch, as well as the availability of online and mobile banking services, that we will retain many customer relationships from Bloomingburg” said George Kinne, President and Chief Executive Officer. “We believe the branch closure will enhance our efficiency, reduce operating expenses and provide a better return on earning assets and shareholder equity.”