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Bank of Marin Bancorp, the parent company of Bank of Marin, cut 16 positions in its fiscal second quarter, or about 5% of its workforce.
A statement from the bank attributed the decision to “continued pressures caused by the interest rate environment.”
“This staffing adjustment is part of our strategy to support future growth and profitability, benefiting all stakeholders,” the statement said. “The positions eliminated were company-wide and across our geographic footprint.”
According to a spokesperson, the company is left with 307 employees. The company is headquartered in Novato and operates nine branches in Marin County. It also has branches in Alameda, Amador, Napa, Placer, Sacramento and Sonoma counties.
The company included the news about the job cuts in its second-quarter earnings report released Monday. The bank reported a net loss of $21.9 million for the quarter, compared with net income of $2.9 million in the first quarter.
The company said it had a net loss of $19 million for the first six months of the year, compared with net income of $14 million in the first half of 2023.
See more at Marin Independent Journal
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