Columbia Bancorp (CBBO) announced its strategic initiative intended to streamline its overall business operations in response to the current banking environment. The company said the focus of the initiative is the closure of Columbia River Bank's Mortgage Banking Team.
This closure would affect about 39 mortgage banking employees over the next 60 days, the company indicated. However, this would allow it to focus on its core business services, the company added.
On September 4, Columbia River Bank notified its staff of a reduction in force immediately affecting about 20 other employees. In conjunction with this move, approximately 15 additional positions have been eliminated through normal attrition.
The company said it would incur a third-quarter severance-related expense of about $139 thousand, with overall salary and benefit cost savings estimated at $4.2 million annually.
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