Miami-based Ocean Bank told 78 employees last week that they would be losing their jobs. This layoff, combined with 33 employees that recently accepted voluntary severance, reduces the bank's total employee count to about 786 workers.

Those involved in the latest round of layoffs will be offered one week of severance payments for every year of service, outplacement services from an unnamed company and unused vacation pay. All of the employee reductions will result in about $4.3 million in savings per year.

As of Sept. 30, 2008, Ocean Bank had 1,052 employees. However, in January of this year the company laid off 127 employees, froze salaries and lowered company health plan contributions.

"Part of the reorganization is to consolidate some functions and streamline processes," Alfonso Macedo, president and CEO of Ocean Bank, told the South Florida Business Journal. "This will improve the position of the bank."

As an additional measure to cut costs, the bank's executive officers will take one week off without pay this year.

As of June 30, 19.5 percent of Ocean Bank's loans were noncurrent, ranking it among the most financially troubles banks in South Florida. During 2008, Ocean Bank lost $204.7 million, which was followed by a loss of $89.5 million during the first six months of this year. The bank has been under a cease and desist order from regulators since 2004.

However, Ocean Bank's shareholders in Venezuela supported the bank, which has $4.4 billion in assets, by giving it $40 million in capital last year, which leveled exceeded regulatory requirements in the second quarter.