First Allegiance Sold

City Holding Co. of Charleston, W.Va., said it acquired First Allegiance Financial Corp., an Irvine mortgage loan origination company, for an initial price of about $15 million in cash and stock.

City Holding said it will pay a combination of 300,000 shares of City Holding stock and cash.

Additional payments are contingent on First Allegiance reaching certain loan production levels after the acquisition.

City Holding is the parent company of City National Bank of Charleston, Peoples National Bank, First State Bank & Trust, Bank of Ripley, Home National Bank of Sutton, Blue Ridge Bank, Peoples State Bank, First National Bank of Hinton, Merchants National Bank, Old National Bank of Huntington, and City Financial Corp. and City Mortgage Services.