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 record additional expenses of $3.7 million, spread out over the second and third quarters, to cover the cost of the buyout and branch closures. Anchor also will book a second-quarter $1.4 million gain from the sale of its Appleton, Wis., branch office, which is slated for closure.
Anchor had announced the planned moves in April, and it disclosed the financial results on Tuesday.
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.