M&I Bank said Tuesday it will eliminate 143 positions, or 1.6 percent of the company's work force. Twelve employees in the Southwest Wisconsin Region that includes Madison will be among those losing their jobs.

Sara Schmitz, an M&I spokeswoman in Milwaukee could not immediately say how many of the positions are in Madison, but she said employees in jobs ranging from internal support to management will be affected. Workers involved will receive "generous" severance packages, including outplacement services, she said.

M&I said the cuts are not related to the planned $4.1 billion acquisition of M&I by BMO, or Bank of Montreal. "This announcement is a result of an internal evaluation and realignment of staffing and was not related to the pending combination of M&I and BMO Financial Group," Schmitz said, in an e-mail.

The purchase of the Milwaukee-based bank is expected to be finalized by the end of July.