Mortgage Crisis Hits Home
Citizens Bank announced layoffs this week which will affect 21 employees
Twenty-one Citizens Bank employees will be laid off effective July 31.

Duane Aho, Citizens community bank president for the Keweenaw, said the employees are concentrated in the bank’s mortgage servicing group.

The layoffs are the result of an agreement Citizens signed in December with the Mount Laurel, N.J.-based mortgage provider PHH Mortgage. Aho said the move would take advantage of PHH’s greater abilities for services.

“I think as far back as December, I think these people understood at some point their positions would be eliminated,” he said.

In addition to the Hancock department, four mortgage servicing employees in Flint are also being laid off, Aho said.

Between now and the end of July, the workers will help transfer the loans to PHH. At that time, Aho said, they’ll be offered a severance package of up to one year, depending upon their tenure with the company.

“I think Citizens has made every effort to treat these individuals as fairly as possible,” Aho said. “Nonetheless, when reality hits it’s a difficult situation for these employees. They all appear to be handling it very well.”

Aho said the layoffs will not affect Citizens’ 22 local retail employees, spread throughout branches in Calumet, L’Anse, Houghton and Hancock.

Those who stay through July 31 will keep the severance package even if they find another job, Aho said. Historically, he said, people from previous layoffs have done well finding another job.

“Many employers look at these individuals as great workers,” he said. “From a personal perspective, I know all of them, and there isn’t a single one i wouldn’t hire myself. They’re very fine people, very loyal people, and have been a great asset to the bank over many years.”

IronwoodInfo contacted Bill Burnell at the  Citizens Ironwood branch and he assured us that his branch is not affected by the Keweenaw layoffs. We have also learned that the Houghton branch will not see any layoffs.
 
 

 

 

 

 
 

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