Amcore Financial Inc. said this week that it expects to save $7.3 million per year by folding its nine bank charters into one bank.
The $4.2 billion-asset company, which operates 66 branches in Illinois, Wisconsin, and Iowa, announced plans to consolidate its charters in April. It said cost savings would be achieved through staff reductions and regulatory filing costs.
Amcore will take a pretax charge of $6.1 million in the second quarter to cover employee severance packages, professional fees, and other costs related to integrating computer systems.
The process is expected to be completed in the fourth quarter.