BankAtlantic Bancorp Inc. of Fort Lauderdale, Fla., laid off 115 employees as part of its effort to cut costs and improve its efficiency ratio.
The $6.4 billion-asset BankAtlantic made the cuts last week, Jarett Levan, the president of the company and the president and chief executive officer of its bank subsidiary, said in an interview Wednesday. In March of last year his company laid off 225 employees.
Its costs have soared as it has added 35 branches in the last three years, and Mr. Levan said that improving its efficiency ratio is a top priority. Its efficiency ratio at Dec. 31 was 99%, according to Federal Deposit Insurance Corp. data, up from 66% in early 2005.
Albert Savastano, an analyst with Fox-Pitt Kelton Cochran Caronia Waller, wrote in a note issued Tuesday that BankAtlantic would save about $4 million annually from the job cuts.
BankAtlantic will report its earnings Monday.
