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Fulton Financial is closing 14 branches, including one in Lancaster County, as part of a cost-cutting program worth $8 million annually.

The action was disclosed Wednesday by E. Philip Wenger, chairman, president and chief executive officer.

Wenger spoke during a conference call to discuss Fulton’s fourth-quarter and 2013 results with analysts who follow the firm.

Fulton is closing six branches in Pennsylvania, five in Maryland and three in New Jersey by the end of the second quarter.

In total, the 14 locations represent about 5 percent of its 262 branches, including 27 in Lancaster County.

Lancaster-based Fulton said customer accounts will be consolidated to the branch nearest the affected sites.

Locally, Fulton will close its Reinholds branch at 335 W. Route 897 and shift its business to its Cocalico branch at 2350 N. Reading Road, Denver, about 1½ miles away.

In another cost-cutting move, Wenger said Fulton is changing its regional structure “to create larger roles for fewer people.”

Fulton cut six of its 16 regional president jobs. Four of the six are retiring and two took other jobs with Fulton, said spokesman Laura Wakeley.

None of the six is in Lancaster County, she said.

In addition, Fulton is modifying or eliminating some minor employee benefits.

Affected benefits include the amount of unused vacation time that can be carried over to next year and supplemental health insurance that employees can buy when they retire.

Major benefits such as medical, dental, life and disability coverage were not reduced, said Wakeley.

Fulton will use some of the savings to continue building its regulatory compliance infrastructure and its technology, said Wenger.

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Tim Mekeel is the Lancaster Newspapers business editor. He can be reached attmekeel@lnpnews.com or (717) 481-6030. You can also follow @tmekeel_lnpnews on Twitter.

Suggestions, corrections, clarifications, added information welcome