First Alliance Shutting Down Five Branches

Irvine mortgage lender First Alliance Corp. said it will close five of its 29 retail branches nationwide by the end of the year as part of an effort to cut costs and focus operations on its growing Internet business. The company said the branch closures would cost $600,000 in the fourth-quarter, but would not significantly affect its production volume. “With this action, we are further committed to reducing costs and focusing more on our e-commerce strategy,” said Brian Chisick, chief executive officer of First Alliance. The branches are located in Fort Lauderdale, Fla.; Beachwood, Ohio; Towson, Md.; Pittsburgh, and Wayne, Pa.