Household Bank FSB, the second largest thrift in the Baltimore area, will be closing eight of the nine Yorkridge-Calvert branches it acquired in September and consolidating three of its present offices.
The move, announced today, will cut the total number of branches now operated by Household in the Baltimore region from 44 to 33 branches.
The only Yorkridge branch that will stay open will be the thrift's former headquarters at 3725 Old Court Road in Pikesville. All the other branches will be closed on Feb. 8 when Yorkridge customers official become part of the Household operation, according to John G. Moran, president of the eastern division of Household Bank.
Accounts at the Yorkridge branches will be consolidated into nearby Household branches.
Moran said the branches are being closed because many of them are very close to existing branches and there are overlapping service areas. "We have an opportunity to consolidate them into our branches and gain some economies of scale," he said.
The three Household branches that will be closed on Dec. 31 will be at the Dobbin Center at 6435 Dobbin Road in Columbia, the Owings Mills branch at 11312 Reisterstown Road and the Joppatowne branch at 1012 Joppa Farm Road in the Joppatowne Plaza Shopping Center. Accounts at Dobbin Center will be consolidated into the Columbia Mall branch, those at the Owings Mills branch will go to Pikesville and those at Joppatowne will go to the Bel Air branch.
Moran said the thrift will be meeting with employees at the affected branches to determine where they can transfer. "It is premature to say there would be [any layoff] or how many there will be," he said.
Yorkridge's $290 million in deposits were sold to Household on Sept. 28 by the federal Resolution Trust Corp., the agency that had taken over the insolvent thrift. The thrift paid a premium of $1.2 million for the accounts.
Household, which is based in Newport Beach, Calif., acquired nearly $900 million worth of deposits from the failed Baltimore Federal Financial FSA in April.
The locations of Yorkridge branches to be closed are:
* 3 N. Calvert St. in downtown Baltimore
* 6249 Kenwood Ave. in the Rosedale area
* 8600 Liberty Road
* Rt. 140 and Gorsuch Road in Westminster
* 32 West Pennsylvania Ave. in Towson
* 1700 Reisterstown Road
* 10130 York Road in Cockeysville
* 6800 Loch Raven Blvd.