Montgomery-based Colonial cuts 136 employees

MONTGOMERY, Ala. (AP) - Colonial Bank has announced it cut 136
jobs across five states this week, including about 30 positions at Montgomery and south Alabama locations.

Colonial spokeswoman Merrie Tolbert said notifications began Monday and should be complete in the next day or two.

Tolbert said the cuts impacted about 3 percent of Colonial's work force of 4,873 employees.

She said laid-off employees will receive a severance package.

Tolbert added that some immediately left and others are working out a notice period.

She said the "sharp economic downturn" led to Colonial's decision to reduce personnel.

Tolbert was unsure if any of the jobs affected were vacant or if every cut job translates to a newly unemployed worker.
Information compiled by AP from: Montgomery Advertiser,

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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