Mich. bank hires rivals to double size of mortgage division

Level One Bank in Farmington Hills, Mich., is doubling the size of its mortgage division by hiring a team of mortgage bankers from MB Financial.

The new hires include Joe Skaisgir, Troy Fairbanks and Rob Laney and should strengthen Level One’s presence in southeast Michigan, the $1.3 billion-asset company said Monday.

The $20.1 billion-asset MB Financial said in April that it was shutting down its national mortgage business due to heavy competition and low margins. The $139 billion-asset Fifth Third Bancorp in Cincinnati announced in May that it would buy MB Financial in Chicago for almost $5 billion.

“The newest additions to our mortgage team are among the most capable and accomplished professionals in the mortgage business,” Timothy Mackay, executive vice president of Level One consumer banking, said in a press release. “This expansion enables us to leverage our infrastructure and build on the success of our existing mortgage team.”