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Community National Bank lays off 16(Waterloo-Cedar Falls Courier (IA) Via Acquire Media NewsEdge) Jan. 7--WATERLOO -- Community National Bank laid off about 15 percent of its staff -- cutting 16 positions. The layoffs are part of a restructuring plan the bank put into place in response to the economic slowdown, said Joe Vich, CEO of Community National Bank. The affected employees were notified and terminated Tuesday, he said, adding a few of the positions were eliminated through attrition. "It's clearly a part of the downturn and the economy and its impact on the banking business," Vich said. "It's not the sort of thing you want to have to announce and not the sort of thing you want to go through." The bank has contracted with a human resources firm to assist those let go with the transition, he added. Most of the cuts will came from the two Waterloo and two Cedar Falls CNB locations. CNB also has three locations in Mason City. Vich described the cuts as "across the board" and not coming from any specific departments. The layoffs are part of a plan to cut the bank's expenses by 5 to 10 percent in 2009. Vich said the cuts and restructuring aren't a result of federal Comptroller of the Currency listing the bank in "troubled condition" in March 2008. "We've made a lot of progress and changes and put into place new policies and guidelines," Vich said. "This is the next step and a part of the economy." Vich also said the cuts won't affect customer service and that the bank, despite national news of a credit freeze, has credit to offer its customers. "We have money to lend, and we're anxious to do it," he said, adding that the banking industry locally is on solid ground. "Locally we're in very good shape, and we're all well capitalized," he said. Contact John Molseed at (319) 291-1418 or [email protected]. To see more of the Waterloo-Cedar Falls Courier, or to subscribe to the newspaper, go to http://www.wcfcourier.com/. Copyright (c) 2009, Waterloo-Cedar Falls Courier, Iowa Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |