Merchants Bank Lays Off Dozens of Employees

SOUTH BURLINGTON, VT - Merchants Bank laid off dozens of workers Friday afternoon.


The move is a response to the Vermont-based bank's merger with Community Bank based in New York.
 

In February Merchants Bank told the Vermont Department of Labor it would layoff 76 employees at the end of May as a result of a merger with Community Bank.


"As a result of the merger, there's naturally an overlap of services such as in finance and customer service,” says Labor Department Commissioner, Lindsay Kurrle.

Commissioner Lindsay Kurrle says those areas are where the 76 layoffs  focus on and where there's overlap at in New York where Community Bank is based.
 

Kurrle says when the Department got wind of the $304 million dollar the Department hit the ground running and immediately offered rapid response sessions.

 

"We offer counseling in terms of resume preparation, interview skills," says Kurrle.

 

But the Department of Labor says the good news is local businesses have already shown interest in the employees just laid off by Merchant’s Bank.
 

One of the businesses to reach out was New England Excess Exchange, an insurance agency based in Barre.
 

"Just in a conversation and said those are the kind of employees, I look for so we have a great ability to interact with local businesses and try to get these people placed as soon as possible, " says Kurrle.
 

Merchants Bank, which has more than 30 Vermont branches would not comment on the specifics of the layoffs, including how many of the 76 workers laid off have found employment.

 

But in a statement Merchants Banks says “some of these individuals will have access to new job opportunities to as positions become available with community bank."

 

"When we have a layoffs like this, it can be discouraging, but we feel hopeful that these folks possess strong skills and skills that will attractive to other employers so we hope we can find a place for them as soon as possible," says Kurrle.

Community Bank says all Merchants Bank branches will officially re-open on Monday as Community Bank.


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