Heritage Oaks Bank to lay off 65 people
December 7, 2013
Heritage Oaks Bancorp is planning to lay off 65 employees as it consolidates 11 branches into five.
In October, Heritage Oaks announced it had agreed to pay $56.4 million to buy the $447 million-asset Mission Community Bancorp, making it the second-largest bank in the area with $1.5 billion in assets. The sale is expected to close on Feb. 28.
Bank officials notified employees last month of the impending layoffs which are slated to occur over 10 months starting when the sale closes. There are 240 people currently employed at Heritage Oaks and 133 employees at Mission Community.
Many of the 65 employees to be laid off from both institutions hold jobs that are duplicated.
Laid off employees will receive severance packages of at least one month’s pay.