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The Markets May 18, 2009
Amcore Cuts Match, Pay, President
Rockford, Illinois-based Amcore Financial is cutting its 401(k) match, executive pay—and a couple of executives.
Reported by Nevin E. Adams
According to the Chicago Tribune, Amcore Financial Inc. reported a $30.4 million first-quarter loss and said it would lay off 9% of its workforce (116 jobs)—including Donald Wilson, Amcore president and chief operating officer, as well as Richard Stiles, executive vice president of commercial banking.
The Rockford-based bank also said it would cut executive salaries by 5%, reduce company contributions to the 401(k) plan, and curtail branch hours.
Amcore expects the restructuring to result in annual cost savings of $20 million, according to the report.