Brief: Provident Financial Holdings Announces Exit From Mortgage Banking Business

Provident Financial Holdings

04/02/2019 22:34

Feb 4 (Reuters) - Provident Financial Holdings Inc  PROV.O :
    * PROVIDENT FINANCIAL HOLDINGS ANNOUNCES EXIT FROM MORTGAGE
BANKING BUSINESS
    * PLANS TO CONTINUE TO ORIGINATE SINGLE-FAMILY MORTGAGE
LOANS FOR
RETENTION ON ITS BALANCE SHEET
    * CURRENTLY ESTIMATES THAT PBM'S MORTGAGE BANKING OPERATIONS
WILL
END ON OR BEFORE JUNE 30, 2019
    * COMPANY ESTIMATES THAT IT WILL INCUR ONE-TIME COSTS OF
APPROXIMATELY $3.6 MILLION TO $4.0 MILLION DURING REMAINDER OF
FISCAL 2019
    * EXPECTS HEADCOUNT IN COMPANY WILL DECREASE BY
APPROXIMATELY 122
FULL TIME EQUIVALENT EMPLOYEES BY JUNE 30, 2019

Source text for Eikon:  ID:nGNXP8z8z 
Further company coverage:  PROV.O 

 ((Reuters.Briefs@thomsonreuters.com;))