(Cleveland) - Ohio Savings Bank released dozens of employees today, the financial institution laid off 65 workers, 55 from the East 9th Street headquarters in downtown Cleveland.

The layoffs are being blamed on a decline in mortgage lending activity due to a rise in interest rates. An Ohio Savings spokesman says they have seen a reduction in applications for mortgages and the refinancing of mortgages.

The spokesperson says the company has assigned a human resources team to help the impacted employees move forward.

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