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The Bank of New Hampshire lays off staff, stops accepting new mortgage applications

New home construction
Dan Tuohy
/
NHPR

The Bank of New Hampshire recently laid off 19 staffers and stopped accepting mortgage applications.

Bank president and CEO Christopher Logan says unstable markets and a lower return on loans drove the decision to forgo new mortgages.

Staffers within the retail lending group were let go, though Logan said a small group has been kept on to finish closing business within that branch.

He said not too much will change for existing customers.

“To me, this isn't as troubling as it might be as if, you know, we are making any changes to our business model and our current clients, but none of that's happening,” Logan said.

Logan says that most of the mortgages given were to patrons that had no previous relationship with the bank. He says the bank will continue to service loans already in place and those in the pipeline.

“Unfortunately the economics of it, for the Bank of New Hampshire, really needs us to make this decision,” he said.

While a difficult decision and one Logan said the bank did not want to make, it should not change loans or services for existing customers.

I’m a general assignment reporter, which means that I report on all kinds of different stories. But I am especially drawn to stories that spark curiosity and illustrate the complexities of how people are living and who they are. I’m also interested in getting to the “how” of how people live out their day-to-day lives within the policies, practices, and realities of the culture around them. How do you find community or make sure you’re represented in places of power? I’m interested in stories that challenge entrenched narratives and am drawn to covering arts and culture, as they can be a method of seeing how politics affects us.
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