Touchstone Bank Announces Strategic Restructuring

PRINCE GEORGE, Va., Sept. 28, 2023 /PRNewswire/ -- Touchstone Bank (the "Bank") today announced the completion of a reduction in force plan that is expected to decrease annual expenses by approximately $1.0 million on a pre-tax basis.

"We are continuing to implement a long-standing strategic initiative to streamline the Bank for enhanced efficiency and profitability," said James R. Black, President and Chief Executive Officer of the Bank. "This restructuring is intended to provide long-term and sustainable earnings enhancement without negatively impacting customer service and operational activities. I recognize that this type of transformational change is difficult, but I believe it is in the best interests of the Bank and its stakeholders."

The financial impact of the restructuring is expected to be dilutive to third quarter earnings by approximately $200 thousand on a pre-tax basis, with cost savings beginning in the fourth quarter of 2023.

About Touchstone Bank

Touchstone Bank is a full-service community bank headquartered in Prince George, Virginia. The Bank has ten branches serving Southern and Central Virginia and two branches and a loan center serving Northern North Carolina. Visit www.touchstone.bank for more information.

Forward-Looking Statements

In addition to historical information, this press release contains certain forward-looking statements. For this purpose, any statement that is not a statement of historical fact may be deemed to be a forward-looking statement. Forward-looking statements represent only the beliefs, expectations, or opinions of the Bank and its management regarding future events, many of which are, by their nature, inherently uncertain. Forward-looking statements may be identified by the use of words such as: "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional terms, such as "will," "would," "should," "could," "may," "likely," "probably," or "possibly." Forward-looking statements are subject to numerous assumptions, risks and uncertainties, and actual results could differ materially from historical results or those anticipated by such statements. Any forward-looking statements made by the Bank speak only as of the date they are made or as of the date indicated, and the Bank does not undertake any obligation to update forward-looking statements as a result of new information, future events, or otherwise.

SOURCE Touchstone Bankshares, Inc.