MIDDLETOWN, Penn. – Even as it has received hundreds of commitments from members and stockpiled $117 million in new capital, Mid-Atlantic Corporate FCU announced Friday that it will reduce its full-time workforce by 16%.
Most of the reductions will come from department consolidation and cuts to management. Call centers, marketing and member services have been combined into one department, while accounting, product strategy and information systems have been brought into one department as well.
“We’re adjusting staff levels to meet business levels – a necessary step to ensure Mid-Atlantic’s continued strength and efficiency, as well as our ability to deliver the services credit unions need,” President/CEO Jay Murray said in a statement. “By making these changes, we will reduce expenses and be able to accumulate more capital – adding to our long-term strength.”
As part of its strategy to reach and maintain a “well-capitalized” designation, the $4-billion corporate introduced a new structure this year, which requires permanent capital contributions as a condition of membership. The corporate has already received commitments from 637 institutions, adding up to $116.8 million in PCC.
“We’re very heartened by our members’ response, and we are making sure that Mid-Atlantic remains strong and able to support credit unions’ financial service needs for many years to come,” said Murray.
