The Corporation expects that this reduction will result in the pre-tax charge in the second quarter of 2009 and will provide an annual pre-tax cost savings. The bank said that the reductions occurred at all levels and in all parts of the Corporation which has a workforce of 760 members.
Chairman and CEO Patrick M. Fahey, said: “This has been a difficult decision in difficult times, after having taken a number of actions over the past several months to lessen the size of a necessary reduction.”
Frontier Bank offers a wide range of financial services to businesses and individuals in its market area, including investment and insurance products.
