D & N to Focus On Michigan
D&N Bank, a thrift based in Hancock, Mich., plans to sell its seven stand-alone mortgage offices. The bank said the sale will help it reduce costs and establish a clearer focus on the Michigan market.
The seven mortgage offices are located in Arizona, Illinois, North Carolina, Texas, and Michigan. They employ about 50 people. D&N said it hopes the employees will be retained by the buyer.
D&N Bank, which has $1.8 billion of assets, said the mortgage offices account for about 60% of its originations, which are now running at about $300 million a year. The bank company said it will continue to originate mortgage loans through its branches while obtaining servicing rights, if needed, from other lenders.
In selling the offices, D&N might want to speak with American Residential Mortgage Corp., La Jolla, Calif. American, which concentrates its lending on the two coasts, disclosed this week that it is on the prowl for "a few key offices" in the midwest.