The Bank Slate


Northwest in Ohio laying off 12% of its employees

Northwest Bancshares in Columbus, Ohio, plans to close eight branches and lay off 12% of its staff.

The $14.1 billion-asset company said in a press release that the closures will take place in April.

“In-branch activity continues to slow as customers prefer to transact through online and mobile channels,” Louis Torchio, the company’s president and CEO, said in the release.

“In addition, we have realigned our workforce to correspond with our strategic direction as a commercial bank, further streamlining our operations,” Torchio added.

Northwest said the “necessary measures” created $4.2 million of severance and restructuring costs in the fourth quarter with another $3.2 million expected in the first quarter.

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