Silicon Valley Bank is shutting down its division that lends to religious organizations, eliminating 17 jobs.

The Santa Clara, Calif., bank said last week that though it did not lose money on loans to church groups, increased competition in that market has resulted in lower-than-expected returns. By cutting jobs and shifting the portfolio to its commercial finance department, Silicon Valley expects to save about $1.5 million a year.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.