More than 100 job cuts planned at this South Jersey bank office

MOUNT LAUREL — Fulton Bank N.A. has announced plans to cut 111 jobs here as it eliminates redundant positions after acquiring the failed Republic Bank.

The job losses also come during a previously announced restructuring of credit and commercial teams at the Lancaster, Pa.-based Fulton Bank, a spokesman said Thursday.

The layoffs, which are occurring at an office at 533 Fellowship Road, will affect retail market managers and other positions, according to a notice filed with New Jersey's Department of Labor.

"With the recent Republic Bank transaction, we brought in more than 300 team members, many with redundant roles to our existing corporate staff," Fulton spokesman Steve Trapnell said in an email Thursday. "As is typical with transactions of this nature, we eliminated redundant roles."

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Republic Bank, a long-struggling institution with offices across South Jersey, was closed in April by regulators who arranged its takeover by Fulton.

It was the first U.S. bank failure this year, according to the Federal Deposit Insurance Corp.

The collapse followed more than two years of financial problems and management turmoil at Philadelphia-based Republic. The company had 32 branches in South Jersey, Pennsylvania and New York.

"Fulton Bank remains a strong, stable organization committed to the customers and communities it serves," Trapnell said.

With more than 3,500 employees, he added, Fulton Bank hopes to keep some workers whose positions are being eliminated.

The layoffs are to take effect Nov. 22, Nov. 29 and Dec. 27, according to the notice.

"Given the overlap in timing and number of displacements, we are required to provide employees and local and state officials with certain advance notices," Trapnell said.

Jim Walsh is a senior reporter with the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.

This article originally appeared on Cherry Hill Courier-Post: More than 100 job cuts planned at this South Jersey bank office