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Anchor BanCorp Wisconsin said Thursday that it has offered buyouts to nearly 20% of its employees and is closing six branches as part of its ongoing effort to improve efficiency.
April 9 -
Anchor Bancorp in Madison, Wis., is back on solid ground with federal regulators.
August 5 -
Where there's a will, there's a way for Chris Bauer, who guided Anchor through bankruptcy as a means of recapitalizing the once-struggling Wisconsin company. The turnaround was punctuated with the company's October IPO.
December 16
Anchor BanCorp Wisconsin in Madison said it expects to save about $5.4 million yearly after it completed an employee buyout, sold a branch, closed six branches and introduced a new branch staffing model.
The $2.1 billion-asset company will
Anchor had
Anchor said 78 employees accepted its buyout offer, out of the 140 workers offered it. The 78 employees will leave the company by Sept. 30 and Anchor expects to hire about 30 people to replace them.
The company expects to close the sale of its Winneconne, Wis., branch to Premier Community Bank in Marion in September, pending regulatory approval.
Anchor expects to close six branches during the third quarter, in Appleton, Menasha, Oshkosh, Janesville, Franklin and Madison. Anchor will eliminate 23 full-time and part-time jobs as a result of the closings.
Finally, Anchor in the second quarter began installing a staff model for branches that requires fewer workers, as it trains employees to handle multiple responsibilities.