That's according to a company press release. It says the closure is "due to effectiveness and efficiency cost concerns."
Folks in the Port Matilda community are worried about the future of their town after the bank closes. Some folks even question if other businesses will follow.
It's a quiet little town, with a big controversy.
"Been here 91 years and all of a sudden it's not feasible to keep here anymore," Port Matilda Mayor Bob Wiser said. "I don't understand that."
The First National Bank will close in November and folks like Wiser say it's creating a problem.
"This is a rural area, a lot of people depend on this bank," he said. "A lot of people earn retirement and social security."
Wiser's great grandfather started the bank in 1921 to give neighbors a convenient place to bank. Now, with the bank moving, he says it's taking that convenience away.
"Gas is $3.85 a gallon. It takes two gallons of gas to go to State College and back," he said. "Seven dollars to cash a ten dollar check."
Mark Belinda owns the Port Matilda Hotel. He worries what the bank closing could mean for the future of his business.
"Business leaving town is never a good idea," he said. "We all benefit from each other being here. Now there's a chance people needing to make a trip a couple times a week if they have to go to the bank, they're not coming to Port Matilda."
Belinda says he worries about an increase in crime, too.
"If I don't run into the bank every day because it's inconvenient to go to State College or Tyrone, then I've got to build my deposits," he said. "And a criminal is going to figure it out."
The bank will close November 9th. Mayor Wiser says it will remain vacant for the time being due to zoning restrictions.