Welcome to journalnow.com. Skip directly to: our Keyword Search, Section Navigation, Content.
Winston Salem Journal

News

Print This Print AddThis Social Bookmark Button

Granite Mortgage offices to stay in Winston-Salem

ADVERTISEMENT

JOURNAL STAFF AND WIRE REPORT

Published: September 25, 2008

GRANITE FALLS -- Bank of Granite Corp. said yesterday that it has no plans to move its Granite Mortgage headquarters from Winston-Salem as part of a consolidation announced Tuesday.

The bank, based in Granite Falls, said that it is suspending its cash dividend as part of a restructuring aimed at reducing expenses and providing it with more capital.

The bank also said that its board of directors has approved a 5-for-4 stock split, effective Oct. 31, and the combining of its banking and mortgage subsidiaries.

Scott Anderson, the chief executive of the bank, said that the bank will cut positions as part of the consolidation. He said that most of the positions will be eliminated through retirement and attrition.

The bank said that it expects to reduce expenses by $1.5 million for 2009 "as a result of the combination of subsidiaries, a reduction in head count and a stringent operating-expense-reduction plan."

Loading Comments...
Loading
Print This Print AddThis Social Bookmark Button
 

ADVERTISEMENT

Advertisement

Advertise With Us

Share This Story With A Friend
Oops! Your email could not be sent because of the following errors:
Granite Mortgage offices to stay in Winston-Salem
* Please separate multiple email addresses with commas.
* To:
Your Name:
Your Email Address:
Personal Message [optional]:
Print This Story
Granite Mortgage offices to stay in Winston-Salem

JOURNAL STAFF AND WIRE REPORT