First Mariner Bancorp, parent of 1st Mariner Bank, said it is closing two branches early next year, leaving the Baltimore-based bank with 16 branches.
The bank plans to merge its Arbutus branch into one at Woodlawn, while consolidating an Easton branch into an Annapolis branch, said Dennis Finnegan, executive vice president of retail banking. About 10 workers will be affected by the closings that are expected to occur in the first week of next year, he said.
Finnegan said this is in response to a shift by customers to conduct more of their banking online. The closings also will reduce costs for the company that recently reported a $7.4 million third-quarter loss as refinancings dropped amid rising interest rates.
Struggling to boost its capital, First Mariner has been closing branches since 2010. To date, it's closed branches in downtown Baltimore; Shrewsbury, Pa.; Lutherville/Timonium; Perry Hall; Odenton; and Columbia.