Tuesday, November 25, 2008 at 6:49 PM
Cleveland's AmTrust Bank will lay off an unspecified number of employees in its plan to comply with Federal Regulators.
The Office of Thrift Supervision has barred the bank from making land acquisition and speculative development loans, including home construction loans. There was concern AmTrust did not have enough money in reserve to cover potential losses.
AmTrust spokeswoman Donna Winfield said the bank is complying with the requirements, and that will include some reductions-in-force.
The bank has a Sunday deadline to submit a plan to fix its problems.
AmTrust has 36 Branches in Ohio and others in Florida and Arizona. It is among the country's 15 largest mortgage lenders and has nearly $18 billion in assets.