Important Announcement: Dissolution of the Mortgage Division at People’s Bank of Commerce
This message is to inform you about an important change within our organization. After careful consideration, People’s Bank of Commerce has made the business decision to dissolve our Residential Mortgage Division, effective November 1, 2023. Industry trends and the current interest rate environment have made it challenging for this division to remain profitable in recent years. The outlook for mortgage loan demand in 2024 and possibly into 2025 also factored into our decision. Furthermore, we feel this change allows for streamlining our operations to better align with our core strengths and long-term goals.
We want to assure you that our primary focus remains on serving your financial needs. So, what does this mean for you as a valued mortgage customer?
- Existing Mortgages: If you currently hold a mortgage with People’s Bank of Commerce, please rest assured that there will be no impact on your existing mortgage agreement. Your current terms, conditions, and monthly payments will remain unchanged, and you will continue to receive the same level of service and support.
- New Mortgage Applications: We regret to inform you that we will no longer accept new mortgage applications or provide mortgage origination services. However, we understand the importance of homeownership, and we would be happy to connect you with trusted partners in the mortgage industry to help you explore your financing options.
- Ongoing Support: If you have any questions or require assistance regarding your existing mortgage loan with the Bank, our Customer Service team and our branches will continue to be available to assist you.
We deeply appreciate your trust in People’s Bank of Commerce, and we are committed to ensuring a smooth transition for our valued mortgage customers. Our dedicated team will work diligently to provide you with any support or information you may require during this transition.
We understand that change can be challenging but we are confident that this strategic decision will allow us to better serve your broader financial needs, while upholding the values and commitment to excellence that have been the foundation of People’s Bank of Commerce. We remain a very strong, well positioned financial institution with strong capital and liquidity levels and a strong credit portfolio.
If you have any questions or concerns about this change, please do not hesitate to contact us. Your feedback is important to us, and we are here to address any inquiries you may have. If you have questions, please feel free to contact our Executive Vice President & Chief Strategy Officer, Steve Erb at 541-608-8926.
We appreciate your understanding and look forward to continuing to serve you as a trusted financial partner in the future. Thank you for choosing People’s Bank of Commerce as your bank.