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| AMFI > SEC Filings for AMFI > Form 8-K on 28-Apr-2009 | All Recent SEC Filings |
28-Apr-2009
Results of Operations and Financial Condition, Costs Associated with Exit or
AMCORE Financial, Inc. (the "Company") is furnishing herewith, in the earnings press release dated April 27, 2009 attached hereto as Exhibit 99.1 (the "Press Release"), certain financial information for the period ended March 31, 2009, which is incorporated by reference to Item 2.02 of this Current Report on Form 8-K.
On April 27, 2009, the Company announced several strategic cost reduction measures that better align the Company's operations and cost structure to the realities of today's marketplace. These actions include a reduction of five percent in executive pay and a nine percent reduction of its work force, resulting in an estimated $20 million in annualized cost savings. The reduction in workforce includes the elimination of 116 positions, including that of Donald H. Wilson, President and Chief Operating Officer, and Richard E. Stiles, Executive Vice President, Commercial Banking Group. Estimated charges due to the restructuring are expected to be $2.0 million in the second quarter 2009.
On April 27, 2009, the Company announced that Donald H. Wilson, President and Chief Operating Officer, and Richard E. Stiles, Executive Vice President Commercial Banking Group, will depart the Company in connection with the restructuring described in the Press Release.
In connection with the Press Release, the Company is posting to its website, www.AMCORE.com, certain loan and investment portfolio information primarily relating to the Company's commercial real estate portfolio and investment portfolio information for the period ended March 31, 2009, which is incorporated by reference into Item 7.01 of this Current Report on Form 8-K.
In the Press Release, the Company also announced a corporate restructuring. The Company hereby incorporates such information by reference into Item 8.01 of this Current Report on Form 8-K.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated April 27, 2009.
99.2 AMCORE Loan and Investment Portfolio information as of March 31, 2009.
The portion of the press release incorporated by reference into Item 8.01 of this Current Report on Form 8-K is being filed pursuant to Item 8.01. In accordance with General Instruction B.2. to Form 8-K, the remaining portion of the press release is being furnished and shall not be deemed "filed" under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered "filed" or incorporated by reference therein.
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