New South bank eliminating 70 jobs

Published 11:49 am Tuesday, January 27, 2009

The largest housing-oriented thrift based in Alabama plans to eliminate 70 jobs to save money.

New South Federal Savings Banks Chairman Will Ratliff said Monday that the cuts affect Birmingham loan officers, credit analysts and employees who support those positions.

New South Federal employs about 450 people between its Birmingham headquarters, 13 branches statewide and about 30 offices in other states. Birmingham-based BBVA Compass cut 200 jobs in Birmingham last week.

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Ratliff said New South concentrates on home mortgages.

The company ranked sixth among Alabama banks and thrifts with $1.8 billion in assets. Loans not collecting principal or interest as agreed jumped from 2.3 percent of total loans in 2007 to 6.8 percent on Sept. 30.