Willamette Valley Bank in Salem, Ore, will exit residential mortgage lending.
The $452 million-asset bank said in a press release that it will stop making those loans on March 31.
“The residential mortgage industry has undergone significant changes in recent years, including the growth of online and non‑bank lenders and a prolonged period of higher interest rates,” Ryan Dempster, the bank’s president and CEO, said in the release.
“These conditions have made it increasingly difficult for community financial institutions to compete sustainably in this segment,” Dempster added. “We remain focused on commercial banking and continue serving the core needs of businesses and individuals throughout the Willamette Valley.”