In line with a push to bring its efficiency ratio down to 65% by December 2018, Cortland Bancorp in November laid off five employees from its commercial, residential real estate and consumer lending business units and two from administrative support. The layoffs followed the August shuttering of the bank's Boardman Victor Hills branch.
The job cuts and branch closing are projected to bring annual cost savings of $474,000 and $259,000, respectively. The Cortland, Ohio-based company is targeting $269,000 more in cost cuts for 2018, primarily in its marketing, information systems and third-party service expense areas.
Cortland noted that the branch closing resulted in average deposits improving to $40.2 million per branch from $37.6 million.
The company is aiming to improve its loan-to-deposit ratio to 84% by December 2018.
Within the last 18 months, Cortland has also opened a Hudson, Ohio, location; hired for its consumer mortgage origination team in Fairlawn, Ohio; added to its commercial lenders in Summit and Cuyahoga counties; and replaced its retail branch managers with business bankers.