Bancshares Inc., said it has acquired Allied Bancshares Mortgage Group.
Allied has taken the name People's Mortgage Corp. As a result of the acquisition, People's Mortgage said that it expects to close more than $1 billion of loans in fiscal 2000. People's originated $688.9 million in 1998. The Sept. 1 purchase is expected to hurt third-quarter earnings by 8 to 12 cents a share. The company said it expects the acquired operation to be "minimally profitable" in the fourth quarter.