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Bank Says 91 Layoffs Part of Merger

People’s United plans to cut 91 jobs at six Danversbank branches as part of bank merger.

Further layoffs for are coming. The Salem News reported Tuesday that People’s United, the Connecticut-based financial institution acquiring the local bank, plans to lay off 91 employees (or about 25 percent of Danversbank’s workforce) in the merger.

The layoffs are slated to begin Aug. 1 and were announced to state authorities in a letter filed with the Mass. Division of Career Services, according to the news report.

Danversbank CEO Kevin Bottomley, who is staying on with People’s United in the merger, did not return a request for comment earlier this week to confirm whether layoffs were happening. He did speak to the Salem News, saying the staff reductions were in line with similar size mergers within the banking industry. Bottomley said some of the layoffs are to eliminate duplicated jobs.

The layoffs will be spread among five bank branches in Danvers and one in Beverly. The Salem News reported those jobs include loan associates, operations analysts, security desk attendants, parking lot attendants, couriers, clerks, customer representatives and an in-house cleaner.

Danversbank and People’s United announced the merger in January, in which the larger institution . Danvers Bancorp Inc. now operates 28 branches north of Boston.

Danversbank announced last week that stockholders did vote to approve the merger with People’s United Financial.

“We are grateful for our stockholders’ overwhelming support for this merger,” said Bottomley in a press release.

The state Division of Banks was scheduled to hold a public hearing on the merger Tuesday.

Danvers Resident May 24, 2011 at 06:32 PM
Who didn't see this coming? Maybe those top executives who received the million dollar bonuses for selling the bank want to share with these folks who are losing their jobs now. Guess I will be looking for another "local" bank for my business. Any suggestions?
Boston-resident March 25, 2012 at 08:44 PM
Good danversbank was a racist bank thats why they had to sell, you pay everything in life.
Boston-resident March 25, 2012 at 08:45 PM
I wish the best to all employees, but God sees everything and no sin goes unpunished....."..
Danvers Resident March 25, 2012 at 09:40 PM
Again I ask if Mr. Bottomly and the rest of his highly paid executive team is willing to share with the hard working employees who contributed to his golden parachute fund. That sound you hear is Silence.

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