Just weeks after its $462.6 million purchase of AnchorBank, Indiana-based Old National Bank announced that 140 AnchorBank jobs, including 138 in Madison, will be terminated.
AnchorBank’s City View Drive location on Madison’s far east side will lose as many as 115 of its 150 employees. Other Madison locations affected will be the bank’s headquarters at 25 W. Main St., and its 4702 East Town Blvd. location. All but 10 of the 140 affected employees will be terminated by Sept. 30.
Among AnchorBank’s current management team, only CEO Chris Bauer will remain. The employee cuts represent 25% of AnchorBank’s staff of 570 statewide.
