Trust One Bank, a division of Georgia-based Synovus Financial Corp., is closing two Memphis-area bank branches as part of a previously announced round of belt-tightening.
Memphis-based Trust One is closing the branches at 7540 North St. in Germantown and at 1010 N. Germantown Parkway in Cordova. The branches will close May 6.
Synovus has been looking to cut costs around the edges of the company in the hope of generating an estimated $100 million in annual expense savings by the end of 2012.
Most of those savings – about $75 million – are planned to come in 2011.
The savings will come primarily in the form of eliminating roughly 850 positions.
Synovus shaved more than 300 positions during 2010. The total reduction over the 18-month period that ends Dec. 31 will be about 1,150 positions.