Frontier Financial (FTBK) Reduces Workforce by 6%
Frontier Financial Corporation (NASDAQ: FTBK) announced a workforce reduction of approximately 6% of the bank's 760 member workforce effective today.
The reductions occurred at all levels and in all parts of the Corporation. The departing employees received severance pay based on their years of service and may also participate in a two-day career planning and jobs skills seminar.
The Corporation expects that this reduction will result in a $360 thousand pre-tax charge in Q2 of 2009 and will provide an annual pre-tax cost savings of approximately $2.5 million. [SM]
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