Thursday, January 25, 2007

Dropping like flies

Thanks to mozo maz for the tip, Millennium Bankshares is closing down their mortgage business:

Millennium Bankshares shutting down mortgage business


Millennium Bankshares will wind down its mortgage banking business to focus solely on core banking services, the company announced Thursday.

Bank officials say they will delay the release of their year-end financial results until they can determine the costs that will be incurred to close down the mortgage subsidiaries.

The charges would be taken in the fourth quarter of 2006, according to the Reston-based bank, which has seven branches in Virginia, including five in Northern Virginia.

"We were concerned about future volatility in earnings as a result of the soft housing market and wanted to eliminate, going forward, the risks normally associated with mortgage banking activities," says Carroll Markley, Millennium's CEO, in a statement.

Millennium (NASDAQ: MBVA - News) also said Thursday that it will realign some of its branches.

In the second quarter, the bank intends to move offices in Reston and Great Falls to a newly constructed office in Sterling, part of fast-growing Loudoun County. The move is subject to regulatory approval.

"The new site will allow us to expand our footprint into a county in which we have not had a physical presence and one which holds much promise," Markley says, adding that the realignment is expected to lower operating expenses.

Published January 25, 2007 by the Washington Business Journal

3 comments:

RE Bear said...

PHH ( based in MT. Laurel, NJ)Expects Loss of Up to $29M in 2006

http://corporate.phh.com/phoenix.zhtml?c=187859&p=irol-newsArticle&ID=953524&highlight=

“.. On a consolidated basis, we expect to record a pre-tax loss of between $10 million and $20 million and an after tax loss of between $22 million and $29 million for the year ended December 31, 2006″

“… Accordingly, we have taken steps, including a reduction in force, a reduction in IT spending, outsourcing certain back office operations, and a reduction in general and administrative expenses, which we believe will reduce the costs in our mortgage production and mortgage servicing segments by approximately $50 million in 2007.”

In 2005, the company earned $72 million, or $1.34 per share.

>>
PHH Mortgage, previously operating as Cendant Mortgage, is one of the top ten retail originators of residential mortgage loans in the United States

___
Sorry if this a duplicate.

Bakersfield Bubble said...

Thanks re bear!

sexy said...

情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣,情趣,情趣,情趣,情趣,情趣,情趣用品,情趣用品,情趣,情趣,A片,A片,情色,A片,A片,情色,A片,A片,情趣用品,A片,情趣用品,A片,情趣用品,a片,情趣用品

A片,A片,AV女優,色情,成人,做愛,情色,AIO,視訊聊天室,SEX,聊天室,自拍,AV,情色,成人,情色,aio,sex,成人,情色

免費A片,美女視訊,情色交友,免費AV,色情網站,辣妹視訊,美女交友,色情影片,成人影片,成人網站,H漫,18成人,成人圖片,成人漫畫,情色網,日本A片,免費A片下載,性愛

情色文學,色情A片,A片下載,色情遊戲,色情影片,色情聊天室,情色電影,免費視訊,免費視訊聊天,免費視訊聊天室,一葉情貼圖片區,情色視訊,免費成人影片,視訊交友,視訊聊天,言情小說,愛情小說,AV片,A漫,AVDVD,情色論壇,視訊美女,AV成人網,成人交友,成人電影,成人貼圖,成人小說,成人文章,成人圖片區,成人遊戲,愛情公寓,情色貼圖,色情小說,情色小說,成人論壇


成人電影,微風成人,嘟嘟成人網,成人,成人貼圖,成人交友,成人圖片,18成人,成人小說,成人圖片區,成人文章,成人影城,愛情公寓,情色,情色貼圖,色情聊天室,情色視訊

A片,A片,A片下載,做愛,成人電影,.18成人,日本A片,情色小說,情色電影,成人影城,自拍,情色論壇,成人論壇,情色貼圖,情色,免費A片,成人,成人網站,成人圖片,AV女優,成人光碟,色情,色情影片,免費A片下載,SEX,AV,色情網站,本土自拍,性愛,成人影片,情色文學,成人文章,成人圖片區,成人貼圖