Redwood Empire Bancorp said Monday that it has divested the assets of its mortgage banking and brokerage units and would take a $300,000 writedown in the third quarter as a result.

The assets were bought by Valley Financial of Alamo, Calif. Redwood transferred 63 people to Valley Financial and fired another 32.

Valley, which sold the assets to Prism Financial Corp. of Chicago, will continue to lend to customers.

The writedown is primarily made up of termination benefits.

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