POTTSTOWN, Pa. Patriot Bank Corp., the parent company of Patriot Bank, announced Wednesday that it had completed a restructuring of its mortgage unit to cut costs.
The company has closed several loan production offices to concentrate mortgage originations in its bank branches. It has also outsourced its back-office mortgage operations.
The restructuring has eliminated 30 positions.
Patriot has converted its mortgage banking operation to a less expensive, more efficient, variable-cost model, said Richard A. Elko, president and chief executive officer Patriot Bank Corp.
The company also said it had significantly reducing recurring expenses by streamlining other nonmortgage back-office units.
Patriot, which has $1.1 billion of assets, said it expects to report a special after-tax charge of about $1.4 million as a result of all the restructuring.