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Randolph Bancorp announces layoff plans

Randolph Bancorp will lay off approximately 8% of employees, in an efficiency plan targeting its mortgage banking operations.

The Stoughton, Mass.-based company attributed the decision to the current volume of residential mortgage loan originations. The reduction in headcount is projected to save approximately $1.1 million in annual operating costs.

The terminations will occur before the end of the year, and Randolph expects to record a $600,000 severance-related charge in the fourth quarter, pretax.