PSB lays off 32 in restructuring plan

SANDPOINT — Panhandle State Bank is laying off 32 people as part of a restructuring plan.

Twelve of the positions are in northern Idaho and 16 positions are scattered between southern and central Idaho, and eastern Oregon, the company said in a press release issued on Thursday. Four positions were cut from Intermountain Community Bank, a division of Panhandle State Bank in Spokane, Wash.

Panhandle reported having 418 employees in January 2009.

The workforce reduction was applied to all levels of the 19-branch banking system and company officials said the layoffs were the final step in a restructuring initiative aimed at achieving strategic plan goals.

Over the past few years, the bank has invested in significant technological enhancements to streamline operations and improve service levels. It has also adjusted its credit portfolio and implemented other reductions in operating costs, the company said.

“We are committed to ensuring highly customized, outstanding services for the communities that rely on us,” Panhandle State Bank CEO Curt Hecker said in a statement. “As the economic situation evolves, we expect to see new prospects for the future, which may include new employment opportunities.”