Tuesday, January 15, 2013
Alliance Bank is now WashingtonFirst Bank.
Manassas Park’s only financial institution, Alliance Bank, has been purchased by WashingtonFirst Bank of Reston. The $24.4 million sale has been in the works for several months, but the deal became final less than a month ago, on Dec. 21, according to a Washington Post report. A temporary "WashingtonFirst" banner has been draped across the front of the Alliance Bank branch in City Center. The bank has been the only tenant since the property was built more than four years ago. Alliance Bank was required to move into the mixed-used development because it was located on the city-owned land where Clark Realty built the mixed-use development. The city of Manassas Park has worked closely with Alliance Bank. The relationship isn’t expected to …
Wednesday, July 11, 2012
Deal with Alliance Bank covers city's projected shortfall.
The Manassas Park City Council renewed a $4 million loan with Alliance Bank so it will have enough cash on hand to run city operations until December, when it receives more tax revenue. The loan, actually called a Revenue Anticipation Note, was approved by a unanimous vote Tuesday night during a council meeting at city hall. The loan is a renewal of an arrangement the city initiated with Alliance last year. The city is forced to borrow money because residents and businesses pay taxes twice a year. The city borrows money to pay for essential operations, like salaries, until taxes are due again at the end of the year, said Manassas Park City Manager Jim Zumwalt. The loan also gives the city a cushion against a catastrophe or major failure of…
Tuesday, June 5, 2012
School administrators said the city's recent credit downgrade is a factor in why they experienced difficulty in securing a loan to lease school buses.
CalFirst Bank, which said it would loan Manassas Park money to lease-purchase new school buses, suddenly decided against extending the loan, and school officials believe it is—at least in part—because of the city’s credit rating. School division administrators had to negotiate a new agreement with Alliance Bank of Manassas Park to borrow no more than $255,732 for three new school buses, Superintendent Dr. Bruce McDade told the Manassas Park School Board during a work session Monday evening. The school board, in turn, voted Monday to approve the lease-purchase agreement with Alliance Bank, the only bank or bank branch in the entire city. School board administrators said the decision to go with Alliance Bank was last minute because they …
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Tuesday, August 16, 2011
The EDA also swore in a new member
Right before the Economic Development Authority (EDA) meeting Monday night, Manassas Park City Clerk Lana Conner swore in the board's newest member, Mark Schuefler. After a round of applause and congratulations from the other members, the meeting began. The first order of business was to discuss the authority's banking situation. Conner told the authority that as of July 21, its balance was $2,165. With the type of account the board currently has, they are losing $12 to bank fees every month, she said. Manassas Park city attorney Dean Crowhurst suggested that the authority transfer the account to Alliance Bank, the bank that takes care of the city's accounts. He explained to the authority, that while it doesn't qualify to have the same …
Jamie M. Rogers
6:02 pm on Wednesday, January 16, 2013
Hi Shawn, thanks so much for you informative comment. I actually knew about the sell since last year, but we journalists don't always get around to doing stories as fast as we would like. more ›