Stellarone Cutting 4% of Workforce; Sees $1M Charge
StellarOne Corporation (Nasdaq: STEL) ("StellarOne") today reported the expected results of its planned phase one efficiency initiative. Operating savings from recent efforts are expected to begin in third quarter of 2012 and reach approximately $2.2 - $2.4 million of annualized cost savings by 2013. Included in the planned initiatives are the elimination of 34 staff positions or approximately 4% of the workforce beginning with the start of third quarter, and relocation and realignment of certain functional areas and responsibilities.
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