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First American International Corp. to cut jobs in Q2

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First American International Corp. to cut jobs in Q2

Brooklyn,N.Y.-based First American InternationalCorp., the parent of FirstAmerican International Bank, plans to cut an unspecified number of full-timeand part-time positions in the second quarter, as disclosed in its earnings release.

Thejob cuts will come in connection with the bank improving productivity and changingfive of its eight branches to six-day weeks. Customers will still be able to bankseven days a week in Chinatown, Manhattan; Sunset Park, Brooklyn; and Flushing,Queens, as the bank has at least two branches in these areas.

Asa result of its plans, First American International Corp. expects to incur a severancebenefit charge of about $225,000 for the second quarter, and to realize around $1million in compensating and benefit savings annually.

First American International Corp. on May 5 reported first-quarternet income available to shareholders of $507,000, or 23 cents per share, comparedto $117,000, or 5 cents per share, earned in the year-ago period.