Bank of Marin reports job cuts in 2nd quarter

The company attributed the staff reductions, which amount to 5% of the workforce, to "ongoing pressures caused by the interest rate environment."

Bank of Marin Bancorp, the parent company of Bank of Marin, eliminated 16 positions in its second fiscal quarter, or about 5% of its workforce.

A statement from the bank attributed the decision to “ongoing pressures caused by the interest rate environment.”

“This staffing adjustment is part of our strategy to support future growth and profitability, benefiting all stakeholders,” the statement said. “The eliminated positions were across the company and across our geographic footprint.”

The move leaves the company with 307 employees, according to a spokesperson. The company is based in Novato and operates nine branches in Marin County. It also has branches in Alameda, Amador, Napa, Placer, Sacramento and Sonoma counties.

The company included the news about its job cuts in the second-quarter earnings report it released Monday. The bank reported a net loss of $21.9 million for the quarter compared to net income of $2.9 million in the first quarter.

The company said it had a $19 million net loss for the first six months of the year, compared to net income of $14 million in the first half of 2023.