Century Bank, F.S.B. - Wholesale - Agency, Jumbo, Subprime

In a bulletin posted on their web site (view here) Century Bank, F.S.B. announced they were discontinuing their wholesale lending activities. Many of you emailed us upon hearing the news.

"Based on the continuing volatility within the industry, we have made the decision to discontinue wholesale lending activities effective April 2, 2008. While this decision was not taken lightly, the wholesale business line does not meet with our current mortgage business strategy."

Calls to the corporate office in Sarasota, FL were not returned, but one former AE we spoke with told us there were 15 AE's and approximately 15 other people in operations who were laid off as a result. "It wasn't so much a matter of declining volume as it was the difficulty in the secondary market" that led to the decision to close the channel, we were told. According to our sources, they were doing about $30 million a month in volume. A small retail presence (of "half a dozen or so") will remain.

Century operates almost exclusively in Florida. They offered standard conforming and Jumbo loans, as well as subprime, construction and portfolio products.

Contact us if you have additional details.