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.
