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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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