Friday, September 5, 2008

Columbia River Bank Closes Mortgage Department

From The Portland Business Journal:

Columbia River Bank is shutting down its mortgage division over the next two months.
The bank’s decision to terminate 39 mortgage banking employees, as well as another 20 employees across Columbia River’s 22 branches, is “necessary to position Columbia for the future,” said President and CEO Roger Christensen in a statement.
Shutting down the in-house mortgage operation will allow Columbia (NASDAQ: CBBO), based in The Dalles, to concentrate on its agricultural, commercial and industrial loans and other business banking services, said Christensen. The mortgage business, which Columbia has had for about 10 years, contributed less than 5 percent of the bank’s net income.

Columbia’s stock was trading at $4.32 per share by mid-afternoon on Friday, up from Thursday’s close of $4.13 per share.
The stock has traded between $3.05 and $22.40 over the past year.