Amcore Cuts Match, Pay, President

Rockford, Illinois-based Amcore Financial is cutting its 401(k) match, executive pay—and a couple of executives.

According to the Chicago Tribune, Amcore Financial Inc. reported a $30.4 million first-quarter loss and said it would lay off 9% of its workforce (116 jobs)—including Donald Wilson, Amcore president and chief operating officer, as well as Richard Stiles, executive vice president of commercial banking.

The Rockford-based bank also said it would cut executive salaries by 5%, reduce company contributions to the 401(k) plan, and curtail branch hours.

Amcore expects the restructuring to result in annual cost savings of $20 million, according to the report.