Dime Bancorp and Anchor Bancorp said Friday that a total of 455 back-office and mortgage servicing employees may lose their jobs or move to other areas of the new company formed when the two banks merge.
A Dime spokesman refused to say exactly how many staffers would be let go. Layoffs will begin during the next two months, he Said.
Most of Anchor's back-office operations in Wayne, N.J. will be handled out of the Dime's office in Uniondale. N.Y., or by other Dime facilities on Long Island, the banks said. Anchor currently employs 288 people in Wayne.
The banks also are consolidating their consumer and residential loan services groups in Anchor's Albion, N.Y. office.
Neither bank said how many employees it will keep there.
Anchor currently employs 208 in Albion.
The Dime will close its 225-employee consumer and residential loan services operations. which is also located in Uniondale.
When the merger is completed, Dime Bancorp said it will employ a total of 750 people to handle back office operations outside of mortgage servicing.
The details about the consolidation were the first to be released since the banks announced their merger of equals in July.
The banks are hoping to achieve cost savings of $50 million, about half of which will come from eliminating 500 or 15% of the two banks' total combined work force of 3.400.
The merger is expected to be completed in the first quarter of 1995. subject to approval from shareholders and regulators.
