Bank Shuts Down Mortgage Unit
A Maryland bank has disclosed that it will close its mortgage unit. The move follows the ouster of the company's chief executive after the company reported losses tied to loan fraud.

AmericasBank Corp. made the disclosure in a filing today with the Securities and Exchange Commission.

The Townson, Md.-based company said the board of directors of subsidiary AmericasBank decided Wednesday to "reposition its mortgage lending operation by integrating the operations of the bank's separate mortgage unit into its existing banking centers and closing the separate mortgage unit."
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