WSB Financial Group Inc. in Bremerton, Wash., is cutting jobs in response to a slowdown in its mortgage business.
The $455 million-asset parent of Westsound Bank and Mortgage said last week that it was eliminating 33 jobs in its mortgage division, because of a reduction in mortgage demand and the subsequent elimination of a number of secondary marketing conduits.
The company also said that Brett Green would resign as its executive vice president of sales and lending to open an independent mortgage lender.
In the second quarter WSB's mortgage portfolio increased 29% from a year earlier, to $51.2 million, while its commercial real estate and construction loan portfolios increased 52%, to $308.6 million. Its net income rose 36.6%, to $1.4 million.
