First Alliance CFO Resigns to Join Bank Plus

Home mortgage lender First Alliance Corp. said Mark Mason, its chief financial officer, resigned to join Bank Plus Corp. as chief operating officer and CFO. Mason, who also served as executive vice president and a board member of First Alliance, returns to Los Angeles-based Bank Plus, where he previously worked. John Michel, First Alliance’s vice president of finance, will assume the responsibilities of CFO on Friday until a permanent replacement is named. The American Assn. of Retired Persons last week filed a motion to join others in a lawsuit against Irvine-based First Alliance, seeking up to $50 million in restitution for customers of the lender. The suit claims that First Alliance targets older vulnerable homeowners, charging fees eight to 10 times those of other banks or savings and loans. The company last week denied the charges.