Ten-year-old Buckhead Community Bank, which has offices across the north metro area, has cut one-fifth of its staff by eliminating lenders at branches in the first major series of job cuts in its history.
CEO Marvin Cosgray said he wanted to be proactive to realign the bank’s costs with the economic climate. A total of 27 employees were cut at the eight local banks, representing 21 percent of the bank’s 127 full-time employees. The company’s Sandy Springs Community Bank did not have any layoffs.
The bank has $920 million in total assets and 3.9 percent of loans that are noncurrent, below metro Atlanta’s average of 5 percent.