Memo: Bank merger to lead to 'some' job losses

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July 15, 2009

By Paul Leighton The Salem News Wed Jul 15, 2009, 05:00 AM EDT

BEVERLY — Danversbank has told employees of Beverly National Bank that their upcoming merger could lead to a loss of jobs.

In a memorandum sent to Beverly National Bank workers last week, Danversbank said "some positions may be either consolidated or eliminated."

The memo said "many" Beverly National Bank employees will have jobs in the newly combined bank, but it did not say how many. Beverly National has 110 full-time employees.

Danversbank announced last month that it will buy Beverly National for nearly $62 million. The newly combined bank will be called Danversbank.

Questions and answers about the merger were included in a regulatory filing with the Securities and Exchange Commission made by the bank last week.

In the memo, bank officials said the merger "will create a very strong community bank still headquartered in Massachusetts, with considerably more resources than Beverly National alone and better suited to compete effectively in this environment."

The combined bank will have $2.2 billion in assets, more than 25 branches "and a strong capital position that will allow expansion into newer markets," the memo said.

The memorandum said Beverly National employees will be given preference for any open positions in the combined bank.

Those who do lose their jobs will get severance pay of two weeks for every year of service, with a cap of 52 weeks, plus a minimum of three months' medical insurance.

The merger will take place early in 2010, according to the filing.

Staff writer Paul Leighton can be reached at 978-338-2675 or by e-mail at pleighton@salemnews.com.

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