Fulton Bank will lay off more than 100 employees as it shuts down several branches throughout South Jersey.
The layoffs, disclosed this month, will go into effect in November and December. Around that time, Fulton will close nine South Jersey branches, which previously belonged to Republic First Bank.
Fulton acquired Republic Bank's assets, including all of its branches, in April. The move came shortly after Republic Bank failed and got shut down by federal regulators.
Last month, Fulton's board of directors approved plans to shut down 13 former Republic Bank branches that became redundant under the merger, the company says. At the time, the company estimated that severance for laid-off employees would cost $1 million. But Fulton's public financial statements in July didn't say how many positions would get cut.
However, Fulton posted a WARN notice this month to announce 111 layoffs in New Jersey. The layoffs will go into effect on Nov. 11, Nov. 29 and Dec. 27.
During the merger, Fulton brought in more than 300 employees who worked for Republic Bank, according to a Fulton Bank spokesperson told Patch.
https://www.msn.com/en-us/money/companies/111-layoffs-coming-to-south-jersey-bank/ar-AA1pFbaB