Employees at a Milford bank are among hundreds of layoffs recently announced in Michigan.

MB Financial Bank is planning layoffs and facility closures in Michigan as well as other locations. The company is ending its national mortgage origination business and as a result, laying off 495 employees in Michigan. All facilities will close. The first layoffs will start July 2nd. 64 employees will be laid off in Milford, 406 in Ann Arbor and 25 at each facility in Farmington Hills, Northville, Southfield, Taylor and West Bloomfield Township. Additional layoffs at the Ann Arbor and Milford locations will occur through December. Layoffs in metro Detroit will also begin July 2nd.

The decision to end the mortgage origination business came earlier this month after "an analysis of recent economic changes; the dynamics of the highly competitive mortgage industry, including recent very low origination margins; and input from the Company's stockholders". Photo: MB Financial. (JM)