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NASB Financial exits consumer direct lending, cites “difficult market conditions”

As a results of the exit, NASB estimates that it would incur total pre-tax costs of roughly $3.8 million to $4.6 million within the second quarter of fiscal yr 2023. Of this figure, personnel costs account for roughly 40%, terminations 40%, and other related costs roughly 20% of total charges before tax. The company also expects total future money payments of between $3.4 million and $4.2 million.

The Kansas City-based company said its involvement in national and native home loans will proceed to be a serious a part of the bank’s lending output. In addition, NASB will proceed to deal with Kansas City housing and land development lending in addition to its domestic industrial real estate business.

Founded in 1927, NASB provides personal banking products and loans within the Kansas Metro area and offers government-backed residential and industrial mortgages nationwide.

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