Indiana-based Old National Bancorp is set to axe 140 jobs as part of its recent acquisition of Anchor BanCorp Wisconsin.
The move will affect 138 jobs in Madison, where Anchor Bank is headquartered. One job each will be affected in Janesville and Stevens Point.
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A total of 130 jobs will be shed on 30 September, while the remaining redundancies will be made in 2017.
The $461m deal, completed earlier in May 2016, will offer Old National an entrance to the Wisconsin market with 46 AnchorBank branches.
The cash-stock deal will add $1.7bn in total loans and $1.8bn in total deposits to Old National’s assets, with AnchorBank now a division of Old National Bank.
Conversion and integration of all AnchorBank branches to Old National Bank is expected to complete by the third quarter of 2016.
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