Amcore Cuts Match, Pay, President

May 15, 2009 ( - Rockford, Illinois-based Amcore Financial is cutting its 401(k) match, executive pay - and a couple of executives.

According to the Chicago Tribune, Amcore Financial Inc. reported a $30.4 million first-quarter loss and said it was laying off 9% of its workforce (116 jobs) – including Donald Wilson, Amcore president and chief operating officer, as well as Richard Stiles, executive vice president of commercial banking.

The Rockford-based bank also said it would cut executive salaries by 5%, reduce company contributions to the 401(k) plan and curtail branch hours.

Amcore expects the restructuring to result in annual cost savings of $20 million, according to the report.