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Cleveland financial institution cites reduced loan volume, says it is forced to realign its resources
By Betty Lin-Fisher
Beacon Journal business writer
Published on Friday, May 30, 2008
AmTrust Bank will be cutting its work force by 5 percent, the Cleveland bank said Thursday in a news release.
The financial institution, formerly known as Ohio Savings Bank, said it had been taking ''proactive measures to manage through the economic conditions that have affected the housing markets, with reduced loan volume across the country. As a result, the organization has undertaken a corporate-wide work-force reduction of 5 percent across all markets, local and national.''
The bank said the reduction would allow the organization ''to realign resources to best serve customers now and in the future. AmTrust continues to grow its retail expansion with the opening of three new branches in Arizona in June, in addition to six new branches already opened this past year.''
The bank said it would provide severance and out-placement services for affected employees. The cuts amount to 135 positions of the privately held bank's 2,700 employees nationwide, spokeswoman Donna Winfield said.
AmTrust has 36 branches in Ohio and branches in Florida and Arizona as well as employees nationwide who work in its mortgage division, she said. Winfield said she did not have a breakdown of where the cuts were being made, but said there were some in the Cleveland area as well as nationally.
AmTrust was among banks operating in Northeast Ohio last month that began suspending home equity lines of credit for its customers, citing declining home values. At the time, bank officials said, the move was about being a responsible lender and was no indication that the bank was in any financial trouble.
Winfield reiterated that AmTrust was not in any financial difficulty or looking to sell itself. Winfield said the job cuts were a result of the reduced loan volume and realigning the work force accordingly.
Betty Lin-Fisher can be reached at
330-996-3724 or blinfisher@
thebeaconjournal.com.
AmTrust Bank will be cutting its work force by 5 percent, the Cleveland bank said Thursday in a news release.
Get the full article here.
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