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Bank Holding Company to Close Irvine Office

O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

May 31, 2000|Edmund Sanders

City Holding Co., a bank holding company in West Virginia, said it plans to close its Irvine mortgage origination office, which specializes in making loans to borrowers with bad credit.

The company did not say how many local jobs would be affected, and executives could not be reached for comment.

Declining profits at the mortgage unit had caused the Charleston banking company to attempt to sell the division. In March, the company announced plans to sell the mortgage unit to an affiliate of Pacific Financial Group in Dallas for $42 million in debt. On Tuesday, both companies announced the deal had fallen through.

City Holding said it plans to downsize the mortgage origination business, which funds about $200 million in loans annually, and move it to West Virginia. As part of the closure, the company said it will report a $1.1-million charge in the second quarter.

City Holding owns a bank in West Virginia and two Southern California banks, Del Amo Savings Bank in Torrance and Frontier State Bank in Redondo Beach.

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