Losses at Florida Community Bank narrowed in the fourth quarter after the Miami bank trimmed overhead by cutting 10% of its workforce.
The South Florida Business Journal reported Wednesday that the bank handed out roughly 60 pink slips in the fourth quarter, saving it an estimated $1 million salary and benefits.
The staff cuts helped reduce its quarterly loss from $7.6 million in the third quarter to $2.5 million in the fourth quarter, according to a call report filed with the Federal Deposit Insurance Corp. A 46% increase in interest income, to $107 million, also contributed to the narrower loss.
The bank's parent, Bond Street Holdings Inc., formed in early 2009 through a blind pool of investors. The company first acquired the failed Premier American Bank in January 2010 and since then has taken over seven other failed banks, including five in 2011.
At Dec. 31, Florida Community had $3.4 billion of assets and more than 40 branches in 16 Florida counties.
Bond Street has said that it intends to go public so that it could raise up to $150 million for future acquisitions, but it has yet to test the market.