LEXINGTON, Ky. - First Security Corp. of Kentucky said the jobs of 109 employees, 13% of its 873 workers, will be terminated as a result of the Aug. 22 merger of First Security banks with Bank Once of Lexington.
"It is not possible for the new, combined bank to absorb and fully employ all the current employees of both First Security and Bank One Lexington," the company said. "It is necessary, then, for us to address duplication of staff and work responsibilities as well as phase out some positions which are not needed after the affiliation."
First Security said in press release that the employees to be laid off at its four banks in Lexington, Winchester, Richmond, and Danville, Ky., will continue to work at First Security for 45 to 60 days.
The company said laid-off employees will get severance pay and be paid of unused vacation time. Also, some benefits will be extended and outplacement assistance offerred.
In addition to the layoffs, about 128 First Security workers will change job assignments. About 60 First Security employees will work at subsidiaries of Banc One Corp., while 68 others will work in new Banc One regional processing center, First Security said.
Banc One Corp., Columbus, Ohio, is the parent of bank One of Lexington.