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.