TotalBank in Miami has terminated 58 employees in operating and commercial job functions, after it upgraded its technology.

The $2.8 billion-unit of Spain's Banco Popular Español "completed a process of investments and improvements in technology and infrastructure," Chairman Jorge Rossell, said in an emailed statement. "The ongoing intent of its parent company, Banco Popular Español, is to keep supporting the growth of TotalBank."

The Miami Herald on Tuesday reported that TotalBank had fired as many as 100 employees. Other bank executives in the Miami area have reported increased interest from former TotalBank employees, the Herald said.

TotalBank's job cuts came after talks ended to merge with the $2.3 billion-asset Stonegate Bank in Pompano Beach, Fla., the Herald reported. A TotalBank spokeswoman told American Banker that it is not for sale, calling it "a false rumor."

Stonegate denied it was in talks to merge with TotalBank, the Herald said.

In an internal memo that the Herald obtained earlier this month, TotalBank told staff it planned to merge and eliminate various departments. Unnamed sources told the Herald that TotalBank had been looking for a merger partner to cut costs.

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