Citizens Mortgage to close last offices
Sunday, Feb. 20, 2000 | 4:16 a.m.
Citizens Mortgage Inc. executives were unavailable for comment on the reasons for Thursday's closure.
But in a January interview with the Gardnerville Record-Courier, company executive vice president James W. Gibbs Jr. cited a slump in home-loan refinancing due to higher interest rates.
"A lot of our business came from refinancing, and people aren't doing that as much now with the higher rates," he said.
"There'll be a lot of consolidation in the whole industry. These are cyclical trends that we're used to - interest rates come and go."
The company was founded in June 1989 and moved its headquarters from Bloomington, Minn., to Minden in October 1998.
At that time, there were 33 Citizens Mortgage offices across the country with 250 employees. By last month, only 16 offices remained with about 120 employees.
The company also slashed the number of employees at its Minden head office from 33 to 14 in recent months.
archive
- Most Read
- Discussed
- Most E-mailed
- Cada and Moon emerge as Main Event’s final two
- Fight snapshot: Reviewing “24/7 Pacquiao/Cotto,” episode 3
- Motorcyclist dies in Summerlin crash
- Two injured in shooting in central valley
- Buchanan was one of the city’s truly flamboyant characters
- Fight snapshot: Pacquiao is a hit with Jimmy Kimmel, and vice versa
- Google Maps glitch renames Henderson
- Rebels’ win raises a few what-ifs
- Wood: Not the renewable some had in mind
- North Las Vegas man dies in single-car crash
Blogs
Robin Leach's Las Vegas Celebrity Watch
Final Five have two routines each on Dancing With the Stars
The Coin Bucket
Blue Man Group at half price for locals
Elsewhere
Findlay Prep's Bradley fitting in at Texas (2 Comments)
Now and Then
I went to a hockey game and a New Mexico women's soccer match broke out (1 Comment)
Politics: The Early Line
Attention in D.C. focuses on health care proposals (1 Comment)
Elsewhere
Fedor v. Rogers delivers solid ratings on CBS (5 Comments)
Bloggity, Bloggity, Bloggity
If you can rebuild the whole car, then why not allow an engine change? (1 Comment)
Calendar »
- 10 Tue
- 11 Wed
- 12 Thu
- 13 Fri
- 14 Sat
-
Jo Dee Messina at the House of Blues
House of Blues | 7 p.m. to 10 p.m.
-
The Revival Tour at Beauty Bar
Beauty Bar | 9 p.m. to 11:59 p.m.
-
DJ Tina T at Prive
Prive | 10 p.m. to 11:59 p.m.
-
The Automatic Tour at The Square Apple
The Square Apple
The Sun
Locally owned and independent for more than 50 years.
Technorati








