Home » NEWS » Banking & Finance » First M&F closing offices, cutting 11 percent of staff

First M&F closing offices, cutting 11 percent of staff

KOSCIUSKO — First M&F Corporation’s subsidiary, Merchants and Farmers Bank, has launched Project McKinley, a comprehensive strategic performance initiative including a branch consolidation plan that will result in the reduction or sale of six branches.

The move comes as M&F seeks to improve efficiencies in preparation for navigating through current uncertain economic times and future growth opportunities.

Hugh Potts Jr., chairman and CEO, said, “Our intent is to focus our best in fewer locations to achieve higher levels of performance and efficiency.”

The branch consolidations will be accompanied by commensurate staff adjustments throughout the remaining branch network and administration and operations.

The company expects to record charges in the third and fourth quarters to reflect the costs of McKinley.

Potts said, “Overall staffing will be reduced by 11 percent with cost savings of approximately $4 million on an annualized basis. Affected associates may apply for transfers or openings in the future. Overhead savings will be significant.”

The closures will be the Wilsonville, Ala. branch; Ridgeland Highway 51 branch; Oxford West branch; Tupelo Northside branch; and, Jackson branch.

The Niceville, Fla., branch is being sold to First Florida Bank located in Destin, Fla. Terms were not disclosed.

All closures and the one sale are expected to be completed by the end of the fourth quarter after appropriate customer and regulatory notices.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About MBJ Staff

Leave a Reply

Your email address will not be published. Required fields are marked *

*