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A regional bank with a significant presence in the Copper Country has announced that it will lay off another 10 percent of its employees.
Flagstar Bank was already in the process of trimming its staff when it was acquired by New York Community Bankcorp in December.
Flagstar has been heavily dependent on home mortgages, but that business has fallen off in recent months because of rising interest rates.
A number of Flagstar’s standalone home loan initiation centers in other areas will be closed. It’s not known how the layoffs will affect operations in the Keweenaw.
Read more about the decision here.
