By Inman News, Thursday, December 28, 2006.
Alliance Bankshares Corp. says it is closing its mortgage banking subsidiary, Alliance Home Funding LLC, which employed 43.
Chantilly, Va.-based Alliance Bankshares will bring 10 Alliance Home Funding employees into an in-house mortgage banking division, which will offer home loans in the Washington, D.C., metro area, the company said.
Closing Alliance Home Funding will put an after-tax dent in the bank's fourth-quarter earnings of between $350,000 and $450,000, including employee severance pay, systems charges and subleasing costs. more...