BayFirst Financial in St. Petersburg, Fla, is shutting down its nationwide network of mortgage production offices.
The $922 million-asset company said in a Wednesday press release that the decision reflects “the precipitous decline in mortgage volumes and the uncertain outlook for mortgage lending over the coming quarters.”
BayFirst will continue to originate mortgages in its local Florida markets.
“This decision allows the bank to focus [its] resources on building a premier community banking franchise and capitalizing on our expertise in SBA lending,” Anthony Leo, BayFirst’s CEO, said in the release.
BayFirst said it will likely incur $3 million to $4 million in expenses tied to the closures, which should be completed by Nov. 24.
The company earlier this year closed three mortgage offices and laid off more than 60 mortgage employees.