Salem, Oregon-headquartered Willamette Valley Bank announced it will discontinue it residential mortgage lending business effective 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,” said President and CEO Ryan Dempster. “These conditions have made it increasingly difficult for community financial institutions to compete sustainably in this segment. We remain focused on commercial banking and continue serving the core needs of businesses and individuals throughout the Willamette Valley.”
Willamette Valley Bank is a state-chartered community bank founded in 2000. It has four full-service branches and roughly $452 million in total assets. Oregon Bancorp Inc. (OTCMKTS: ORBN) is the bank’s parent company.
