Yadkin Valley Bank and Trust Co., Elkin, N.C., has exited the wholesale mortgage business in order to better focus on retail mortgage lending.
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The $2.2 billion-asset depository said in a news release late Monday that its mortgage subsidiary, Sidus Financial, got out of the wholesale business on June 30 and is beefing up its retail mortgage production "to respond to changing market demand."
The company also said that Sidus' chief executive, F. Spencer Cosby, is retiring at the end of the year, and that its mortgage director, Lisa B. Rogers, will assume responsibility for all mortgage lending under both the Yadkin Valley and Sidus names.
