American National Bank laid off about 60 workers in Colorado and Wyoming last week because of slowing demand for loans.
The cuts represent about 7 percent of the Denver-based bank’s workforce of 850, said Dennis Nathan, the bank’s president and chief executive.
About half of the jobs eliminated were tied to lending. About 10 of the positions were based out of Denver.
“We built our bank on a growth concept, and when we look out 12 months to 24 months, we don’t have a lot of confidence that there will be growth,” Nathan said.
Nathan added that the bank remains well-capitalized despite the difficult economy.
“These decisions were not made lightly, but we felt they were prudent,” he said of the layoffs, which were made Thursday.
American National Bank is owned by Sturm Financial Group. It reported assets of $1.95 billion on Aug. 31 and has 40 locations in Colorado and Wyoming.
The bank still plans to open a downtown location next year.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
