Investors Bancorp in Short Hills, N.J., is planning to cut 5% of its employees.
The $25 billion-asset company didn’t disclose an exact number for the layoffs, though it could be roughly 100 people based on its headcount on Sept. 30, based on data from the Federal Deposit Insurance Corp.
The cuts should take place by the end of this year.
Investors also said in a press release Thursday that it will close six branches by early March. That would be equal to 4% of its branch network at the end of the third quarter. The release did not say where the branches are located.
The company said it expects to record a charge of $5 million in the fourth quarter tied to the reductions. The cuts should save Investors $10 million to $12 million annually.
Investors is a former mutual that grew aggressively around New Jersey by buying other institutions prior to its conversion.
The company had to call off its planned purchase of Bank of Princeton earlier this year after it was tripped up by compliance issues associated with the Bank Secrecy Act. Expenses have been elevated in some recent quarters as Investors looks to address the regulatory issue.