First Alliance Founder Hands Reins to Nebot

Brian Chisick, founder and chairman of lender First Alliance Corp. in Irvine, said he is handing over day-to-day management duties to Francisco Nebot, who has been promoted to president.

Nebot joined the company in July 1998 as chief financial officer. Chisick will continue to serve as chairman and chief executive.

Chisick, the company’s majority shareholder, said the appointment will enable him to focus on corporate strategic issues, including the development of lower-cost origination channels, such as the Internet.

“I also intend to vigorously pursue the resolution of our pending legal issues,” said Chisick, referring to several lawsuits and regulatory actions stemming from accusations that the company overcharged customers or failed to make adequate disclosures.

First Alliance specializes in making home loans to borrowers with poor credit.