Paul Bass File Photo
Some employees will lose their jobs when NewAlliance Bank merges with an out-of-state lender, but the bank won’t say how many.
A company spokeswoman shared that news Friday, amid murmurings that up to 40 people would lose their jobs at NewAlliance.
The bank, which is headquartered on New Haven’s Church Street, announced in August it is planning a $1.5 billion sale to Buffalo-based First Niagara Bank, prompting local cries of “betrayal.”
In a joint press statement, First Niagara Vice President of Public Relations & Corporate Communications Leslie Garrity said the merger “will result in workforce reductions,” but “we are not in a position to publicly disclose” how many jobs will be lost. No layoffs would take place until after the merger, which is planned for April, she said.
All 88 NewAlliance branches will remain open after the merger, Garrity said.
NewAlliance currently has about 1,200 employees. While some people will lose their jobs in the merger, First Niagara promised to hire more people by adding more “customer-facing positions” at each of the 88 branches.
Later, the bank will be opening more branches across NewAlliance’s footprint, which will create more jobs, Garrity said.
“We anticipate that the workforce in New England will return to NewAlliance’s current employment levels by the end of 2012,” she wrote.
Surprise!
Well something's got to pay for the $30M (including a $16M exit package) that Peyton Patterson has been given by bank over nine years.