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| Mortgage loan operation employees were released last month at a Michigan bank.
Citizens Bank advised the Michigan Department of Labor and Economic Growth that 63 employees would be displaced at its Citizen Bank Mortgage Loan Operations office in Farmington Hills, Mich. The reason cited was, “plant closing.” The disclosure was made in a Worker Adjustment and Retraining Notification Act letter dated Dec. 11 and signed by Citizens Bank President and Chief Executive Officer William R. Hartman. WARN filings are required 60 days in advance of planned layoffs. On the same day, Flint-based Citizens Republic Bancorp announced a strategic partnership with PHH Mortgage for mortgage loan originations. That deal called for an integrated, end-to-end origination platform that included processing, servicing, secondary marketing and other origination functions. “PHH Mortgage will provide the technology and expertise to the Citizens mortgage sales force,” the December announcement from the parent said. The consumer and commercial financial services provider, which claims to be the 41st biggest U.S.-based bank holding company, said it operates in Michigan, Ohio, Wisconsin, and Indiana as Citizens Bank. The new “operating model increases our ability to originate loans through more channels with quicker loan decisions and closings,” Hartman said in December’s statement. The strategic move was expected to be fully implemented by March, according to a Dec. 10 Form 8-K filing with the Securities and Exchange Commission filing. The 60 employees represented 2.3 percent of its workforce and would cost the company up to $1.2 million to terminate. Citizens didn’t immediately respond to a request for a statement. |
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