Bank Forward has eliminated nine various full-time equivalent positions in its organization, including one at a Grand Forks branch, the global president told the Herald Friday.
Tom Watson said the bank made the decision in early December while preparing for next year.
"After reviewing our business plan for 2010, we decided to make a few adjustments for the economic climate that we're currently operating in and the marketplace," he said.
The affected employees were notified in early December, he said, and all were offered severance packages.
Bank Forward, which began in 1927 in Hannaford, N.D., is a $500 million institution that employs about 200 in 13 North Dakota and Minnesota communities. Watson said the recent staff cuts are becoming common in other banks due to the economy.
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"I think if you check with others in the financial industry, you'll see that such belt-tightening is really kind of a focus for everybody," he said.
He added this "slight adjustment of our staffing" should not have an impact on the branches' customer service standards.
Johnson reports on local business. Reach him at (701) 780-1105; (800) 477-6572, ext. 105; or send e-mail to rjohnson@gfherald.com .
