NEWSWIRETODAY Press Release& Newswire Distribution | HOME
MOST TRUSTED NEWSWIRE PRESS RELEASE DISTRIBUTION
PRTODAY / NewswireToday press release distribution service network
Written by / Agency / Source: M3 Edge, LLC
Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Alliance Bankshares Reports the Sale of the Insurance Operation - Alliance Bankshares Corporation today announced the sale of its’ insurance agency subsidiary, thereby discontinuing its insurance agency operation [NASDAQ: ABVA] - AllianceBankVA.com
Alliance Bankshares Reports the Sale of the Insurance Operation

 

NewswireToday - /newswire/ - Arlington, VA, United States, 2010/01/04 - Alliance Bankshares Corporation today announced the sale of its’ insurance agency subsidiary, thereby discontinuing its insurance agency operation [NASDAQ: ABVA] - AllianceBankVA.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Financial / Legal / Venture Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

“We have made the strategic business decision to sell the insurance operation. The board of directors and management team feel strongly that our focus must be on core banking operations. The past several years have been difficult for Alliance and many businesses throughout the country as we have been in an unprecedented economic recession. As we enter 2010, our energy and focus is back on the basics of banking,” said Thomas A. Young, Jr., President & CEO.

The sale of the agency to several executives of the insurance operation allows Bankshares management team to focus solely on banking. We anticipate 2010 financial results to positively benefit from the sale of the insurance operation. As a result of the sale, the bank will no longer have the goodwill and intangible assets associated with the agency acquisitions. A key benefit of the sale is improving our regulatory capital position. The organization is “well capitalized” and the transaction only enhances our regulatory capital position. Our tier 1 leverage ratio will improve by 79 basis points and our total risk based capital ratio and our tier 1 risk based capital ratios will improve by 117 basis points. We believe this strategy is a cost effective way to enhance regulatory capital in a difficult economy without diluting common shareholders and without a negative impact on our projected 2010 financial results.

“The challenges facing all banks, including Alliance, make difficult choices a reality. In 2005, we entered the insurance agency line of business to expand our non-interest income and to diversify our revenue base. We felt then and now that insurance agencies can complement banking operations however, the unprecedented economic times have forced us to examine many aspects of our business. We believe that a core banking focus is very important to our future success. The enhanced regulatory capital position is a positive cushion in a difficult economic period,” said William M. Drohan, Chairman of the Board of Directors.

Some of the matters discussed herein may include forward-looking statements. These forward-looking statements may include statements regarding profitability, balance sheet management goals and actions and financial and other goals. These statements are based on certain assumptions and analyses by the company and other factors it believes are appropriate in the circumstances. However, the company's expectations are subject to a number of risks and uncertainties such as changes in personnel, interest rates, accounting standards, economic conditions and other factors that could cause actual results, events and developments to differ materially from those contemplated by any forward-looking statements herein. Consequently, all forwarding-looking statements made herein are qualified by these cautionary statements and cautionary language in the company's most recent report on Form 10-K and other documents filed with the Securities and Exchange Commission.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Financial / Legal / Venture Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: M3 Edge, LLC

 
 

Availability: All Metropolitan Area

 

Traffic Booster: [/] Quick NewswireToday Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Financial / Legal / Venture articles,
CATCH Visitors via Your Competitors Announcements!


Alliance Bankshares Reports the Sale of the Insurance Operation

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name NewswireToday and LINK as the source.
 
Publisher Contact: Jeffrey Tanck - M3Edge.com 
703-312-8622 jeff[.]m3edge.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any M3 Edge, LLC securities in any jurisdiction including any other companies listed or named in this release.

Financial / Legal / Venture via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From M3 Edge, LLC / Company Profile


Read Financial / Legal / Venture Most Recent Related Newswires:

ALM’s Law.com Announces 'Lawyerpages,' A Next-Generation AI-Powered Legal Directory and Search Resource for Consumers and Law Firms
AdvisorVault Adds Office 365 to its Consolidated 17a-4 D3P Service
TRA Hires Mark McCool as Regional Sales Consultant
ALM Intelligence Launches New Innovative Legal Market Analysis Reports for Texas and The San Francisco Bay Area
TRA Completes Acquisition of Total Retirement Solutions, Inc.
ALM Intelligence Unveils Redesign of the Award-Winning Legal Compass
TRA Hires Paul Phan as Regional Sales Consultant
TRA Expands Retirement Group Plans Opportunities
TRA Announces the Acquisition of John T. Toomey Associates, Inc.
121 Financial Credit Union Selects NCR Digital Banking for Consumers and NCR Digital Banking for Business
ALM Announces the Launch of the Law.com Radar App for IOS and Android
TRA Completes Acquisition of Rosenfeld/Tortu Retirement Planning Co., Inc.
The Retirement Advantage, Inc. Celebrates 25th Anniversary
TRA Starts 2021 with Acquisition of R. Bruce Tanner & Associates, Inc.
SCOR to Provide Life Insurance Products for People with Chronic Conditions through New Partnership with Bayer and One Drop

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  Mokuyobi

Visit  BizJobs.com





 
  ©2021 NewswireToday — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com newswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are proudly NOT affiliated with USA TODAY (usatoday.com)