BEVERLY — Danversbank laid off 15 Beverly National Bank employees on Friday and will lay off 22 more in February when the merger between the two banks is completed, Danversbank President Kevin Bottomley said yesterday.
Bottomley said laid-off employees were given "reasonable severance" and were offered assistance finding other jobs.
"In what is always a difficult situation, we tried to handle it as best we could," he said.
Bottomley said the 15 layoffs on Friday were fewer than bank officials originally anticipated because some Beverly National employees filled job openings at Danversbank that had arisen since the banks announced their merger in June.
He said some of the 22 employees scheduled to be laid off in February might also be able to land jobs at Danversbank before the layoffs go into effect.
The Friday layoffs came on the same day that Danversbank announced it had completed its acquisition of Beverly National Bank for $62.1 million, or $23.06 per share.
The merger will create the sixth largest publicly traded bank in Massachusetts, with $2.3 billion in total assets. After the layoffs, the bank will have about 385 employees, Bottomley said.
Beverly National Bank customers can now use Danversbank ATMs at no charge. Bottomley said customers will see little else changing until February, when the banks merge their operational systems.
The signs on the Beverly National Bank main office on Cabot Street, as well as its six branches, won't be changed until February, he said.
Beverly National Bank customers will not have to change their account numbers, Bottomley said. The newly combined bank will be using Beverly National's bill pay vendor, so Beverly National customers will be not be affected, he said.
Staff writer Paul Leighton can be reached at 978-338-2675 or by e-mail at pleighton@salemnews.com.
Syrian Boy Speaks Out, Survives Family Massacre
Judge Tells John Edwards Jury: Keep Deliberating
House Rejects Sex-selection Abortion Ban
Bush, Obama on Stage Together Share Laughs
SpaceX Dragon Returns to Earth
Warming Gas Levels Hit 'Troubling Milestone'
Youngest-ever Speller Disappointed by Mistake
2 American Tourists Kidnapped in Egypt
Chen Guangcheng: 'Historic Transition' in China
New York City Seeks Big Drink Ban
Los Angeles Bans Plastic Grocery Bags
Raw Video: SpaceX Dragon Leaves Space Station
Police: Gunman Kills 5, Self in Seattle
Experts: Americans Must Prepare for Storm Season
Forest Fire Becomes New Mexico's Largest Ever
Montreal Police: Mailed Body Parts From Same Man
Facebook Expands Campus As Stock Shrinks
