Touchstone Bank Announces Strategic Initiatives for 2019

PRINCE GEORGE, Va., Jan. 17, 2019 /PRNewswire/ -- Touchstone Bank (the "Bank") 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.

SOURCE Touchstone Bank