AnchorBank is planning to lay off as much as 20% of its employees while consolidating and selling seven branches as part of a plan to slash expenses.
The bank, a subsidiary of Anchor BanCorp Wisconsin, will offer voluntary buyouts to 137 of its 705 employees, starting from April 2015.
A total of 30 full- and part-time positions will be eliminated through the consolidation six branches.
The bank will sell its Winneconne branch, in northeast Wisconsin, to Premier Community Bank, of Marion, transferring $13.4m in deposits along with loans and other assets.
AnchorBank president and CEO Chris Bauer said: "We’ve had a lot of very longtime, loyal employees, quite a few employees that are past what you might consider normal retirement age."
Bauer added: "Now, it’s time to address some historical issues to bring the bank up to speed with an increasingly digital financial services landscape."
AnchorBank chief retail banking officer Scott McBrair said: "We will continue to serve our valued customers from surrounding AnchorBank branches."