Posted on June - 13 - 2010
Evansville-based Integra eliminates four positions
Evansville-based
Integra Bank has eliminated four positions, and the bank’s top executive said additional cuts will come as the company sheds branches and becomes a smaller operation.
Integra Chairman and Chief Executive Officer Mike Alley said two of the eliminated jobs were in the company’s main office and two were in branch locations. The reductions happened June 4, he said.
Earlier this year, Integra announced that it would sell 20 branch locations in five separate deals. Two of the deals closed this month, and the company expects the other three deals to close in the third quarter of the year.
The sales are part of Integra’s strategy to sell outlying branches, reduce its operating footprint and improve its bottom line.
Integra has lost money for eight consecutive quarters, and its most recent quarterly report showed the bank lost $53.9 million ($2.61 per share) in the first quarter.
Alley said he anticipates more job cuts as the remaining three deals close, because as the bank becomes a smaller company it will need fewer employees.
“We’re still in the midst of formulating what those (cuts) are and where those are,” Alley said.
The company currently employs the full-time equivalent of 675 employees, he said.
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