Cooperative Bankshares, Inc. Announces Restructuring.Business Editors WILMINGTON Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , N.C.--(BUSINESS WIRE)--Oct. 19, 2000 Cooperative Bancshares, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COOP) announces a change in its defined benefit pension plan which will substantially reduce required contributions going forward. As a result of this, the company is offering a special early retirement benefit to certain employees meeting the eligibility requirements. Included in this group are the Bank's Senior Vice-Presidents of Administration, Finance, and Mortgage Lending. These vacancies will be filled internally. This will result in a one-time charge of approximately $750,000, which will be taken in the fourth quarter of 2000. The reduction in pension costs and employee expense will achieve annual savings of approximately $775,000 beginning in 2001. Cooperative Bankshares, Inc. is the parent company of Cooperative Bank Cooperative bank may refer to:
Please [ improve this article] or discuss the issue on the talk page. through 16 offices in Eastern North Carolina Eastern North Carolina or (often abbreviated as ENC) is the region of North Carolina which includes the eastern third of North Carolina. It includes the Outer and Inner banks, thus it is often known geographically as the state's coastal region. . |
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