The Dalles-based Columbia Bancorp, the holding company for Columbia River Bank, announced Friday the impending closure of its in-house mortgage lending service.
With it, about 39 mortgage banking positions across the bank's 22-branch network will be cut in the next 60 days.
In Vancouver, one or two loan officer positions will be affected, said Chief Financial Officer Greg Spear. Hardest hit will be Bend, where the bank's core center for mortgage operations is located.
The decision to cut the service is tied to the uncertainty in the mortgage markets and risk associated with the industry. The cut will cost the company about $139,000 in severance costs, but is expected to save $4.2 million annually in salary and benefits expenses.
The announcement comes the day after the bank made another cut of 20 employees company-wide.
For more information, see the VBJ's Just Business blog: www.justbizvbj.blogspot.com
