Jacksonville Bancorp (JAXB) in Florida is eliminating 16% of its work force to cut costs.
The $497 million-asset company said in a regulatory filing Thursday that it will cut 16 positions. Jacksonville's board approved the cuts on April 22 to "better align the company's and the bank's processes and procedures with the best industry practices and standards," the filing said.
Jacksonville said it expects to incur $90,000 in restructuring expenses in the second quarter, reflecting severance benefits and other employee-related costs. The company said the restructuring does not include executive officers or directors and it will not result in branch closings.
"This reorganization will allow us to better leverage and align the strengths and diversity of our entire company," Kendall Spencer, Jacksonville's president and chief executive, said in a press release. "We remain committed to becoming a high-performing community bank and will continue to provide the exceptional service and array of products our customers have come to enjoy and expect."
Jacksonville hired Spencer in December. Donald Glisson, the company's chairman, had filled the role temporarily after Stephen Green resigned. The company raised capital last year, while also returning to profitability by cutting expenses.