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Benefits May 15, 2009
Amcore Cuts Match, Pay, President
May 15, 2009 (PLANSPONSOR.com) - Rockford,
Illinois-based Amcore Financial is cutting its 401(k) match,
executive pay - and a couple of executives.
Reported by Nevin E. Adams
According to the Chicago Tribune, Amcore Financial Inc. reported a $30.4 million first-quarter loss and said it was laying off 9% of its workforce (116 jobs) – including Donald Wilson, Amcore president and chief operating officer, as well as Richard Stiles, executive vice president of commercial banking.
The Rockford-based bank also said it would cut executive salaries by 5%, reduce company contributions to the 401(k) plan and curtail branch hours.
Amcore expects the restructuring to result in annual cost savings of $20 million, according to the report.
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