The $889 million-asset company said in a regulatory filing
Wednesday that the closure was part of a broader restructuring of its residential
mortgage division. BayFirst closed residential loan production offices in
Overland Park, Kan.; New Albany, Ohio; and Tampa, Fla.
The
restructure reflects "reduced volume due to a
lack of refinance demand in the current rising rate environment which directly
impacted the consumer direct business line,” the filing said.
The
company will continue to operate 20 traditional retail mortgage offices and
will expand its LoanBud division, which serves small business owners on a direct-to-consumer basis.
BayFirst said it expects to incur one-time pretax
restructuring charges of about $630,000 in the second quarter, including
$250,000 tied to severance and related payments, $145,000 of write-offs tied to
fixed assets and $235,000 of valuation adjustments on leased branch facilities.
BayFirst announced in April that it had laid
off 62 mortgage employees.
No comments:
Post a Comment