DECATUR, Ga. - Prime Bank, Federal Savings Bank, said its board had approved a restructuring plan to reduce noninterest expenses by 15%, primarily through staff reductions, and to limit asset growth.
The $680 million-asset subsidiary of Prime Bancshares acted in response to an Office of Thrift Supervision examination.
Under the plan, the work force will be cut by 50 through attrition and by leaving jobs unfilled, and he level of commercial and residential construction loans will be reduced.
Also, the leveraged employee stock ownership plan will be ended. Through it, employees own about 7.5% of outstanding Prime Bancshares common.