First Midwest Bancorp said Friday it will lay off 180 employees, or 15% of its work force, and take a $4.5 million pretax charge in the fourth quarter as part of a restructuring plan.

The cost-cutting measure is intended to save the Naperville, Ill.-based bank $8 million, before taxes. The bank also hopes to lower its efficiency ratio from 66% to 60% by the end of 1996.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.