PBCO Financial Corporation (OTCPK: “PBCO”), the holding company (Company) for People’s Bank of Commerce (Bank), announced today that it has made the strategic business decision to exit the residential mortgage lending market, effective November 1st. “Industry trends and the current interest rate environment have made it challenging for this division to remain profitable in recent years,” commented Julia Beattie, President & CEO. “Residential mortgages are widely accessible to consumers due to increased availability online, with more than 70% of mortgages provided by non-depository lenders in 2022, according to the CFPB. The outlook for mortgage loan demand in 2024 and possibly into 2025 also factored into our decision. This departure also reflects the realignment of our strategic goals and focus for the future,” added Beattie. PBCO anticipates one-time termination expenses of $350 thousand during the fourth quarter of 2023 associated with severance and contract termination fees.
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