BYL Bancorp Takes Over Assets of All Source

BYL Bancorp of Yorba Linda said Friday it has acquired the West Coast operations of All Source Financial, a sub-prime mortgage lender that encountered financial difficulties. Terms were not disclosed. All Source, based in Diamond Bar, shut its doors Oct. 30, laying off 110 employees. But after several days of negotiations, the lender reopened Monday under the BYL name. It will operate as a separate division of the Yorba Linda company, said BYL President Robert Ucciferri. All but 10 of the former employees were rehired. The unit will generate pretax revenue of about $2 million over the next 12 months, he said. All Source, a former subsidiary of Assurance Mortgage Corp. of America, offered loans throughout the Western states. BYL is the holding company for BYL Bank Group, which operates nine bank branches. On Friday, the company’s stock slipped 38 cents to $16.25 a share on the Nasdaq market.