DCB Financial Corp. in Lewis Center, Ohio, is offering voluntary retirement packages under a plan to cut costs by $1 million.
The $615.2 million-asset parent of Delaware County Bank and Trust Co. began the program this week, according to the Wednesday online edition of Columbus Business First. DCB has cut 28 jobs since May, reducing head count by 12%.
"We understand these moves may be difficult," David Folkwein, DCB's interim chief executive, wrote in an e-mail to the publication. "These initiatives were taken only after careful analysis and consideration and are appropriate and consistent with management's responsibility to our shareholders," Folkwein added. "The board and management both recognize the need to reduce expenses in light of our business plan and economic conditions."
DCB is operating under a written agreement with the Ohio Division of Financial Institutions and a consent order with the Federal Deposit Insurance Corp., according to the report. It lost $12 million in the first nine months of 2010, or nearly quadruple the year-earlier loss.
