OmniAmerican to lay off 24, stop making car loans through dealers - Dallas Business Journal (blog)

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OmniAmerican to lay off 24, stop making car loans through dealers - Dallas Business Journal (blog) Oct 10th 2013, 11:32 Enlarge OmniAmerican said it will stop buying car loans from dealerships and that it will lay off 24 workers in a cost-cutting reorganization. Lance Murray Digital Content Producer- Dallas Business Journal Email  | LinkedIn  | Twitter  | Google+ In an effort to cut costs, OmniAmerican Bank said Wednesday that it will lay off 24 employees and stop making auto loans through car dealers. In documents filed with the Securities and Exchange Commission, OmniAmerican said the move would allow it to concentrate on its commercial, direct retail and mortgage areas. It also said Terry M. Almon will leave the company after OmniAmerican eliminated his position of executive vice president and chief operating officer as part of a cost-cutting reorganization. Auto loans comprise about 30 percent of the Fort Worth-based banking company's portfolio, the Fort Worth Star-Telegram reported. The newspaper said the layoffs will affect roughly 8 percent of OmniAmerican's 307 employees. The company said the moves will produce a charge of $80,000 for severance expenses in the current quarter. Lance Murray edits and writes for the DBJ's website and can be reached at 214-706-7106 Related links: Fort Worth, Economic Snapshot Industries: Human Resources, Banking & Financial Services

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