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Kansas City area bank cites rising interest rates, housing inventory as reasons for layoffs

Online banking could yield more in savings
Posted at 2:58 PM, Jan 24, 2023
and last updated 2023-01-24 16:00:08-05

KANSAS CITY, Mo. — North American Savings Bank, based in Kansas City, notified Missouri officials earlier this month that it planned to lay off dozens of employees as part of a restructuring.

In a Jan. 5 letter to the Missouri Department of Higher Education and Workforce Development, the company said the layoffs would affect employees at 26 locations across seven states, including two locations in Kansas and 10 in Missouri. The company said at the time it planned to notify employees as of Jan. 6.

Roughly 140 employees would be affected across the 10 locations impacted.

In an announcement released on Jan. 11, NASB CEO Tom Wagers said the company was leaving the NASB’s consumer direct lending business. The business originated residential loans nationwide for sale in the secondary market.

“This was a difficult decision, but we believe that it is in the best interest of the company, given the current challenging market conditions highlighted by rapid interest rate increases in 2022, low or shrinking housing inventory and double-digit median home price increases,” Wagers said.