Alfa said in the earlier news release that it had discovered "irregularities" in some loan transactions. The apparent misconduct was believed to involve only one employee and a loan portfolio totaling $6.2 million.

Excluding any financial impact resulting from the misconduct, Alfa's earlier release said, the company expects to report second-quarter operating earnings of $28 million, or 34 cents per diluted share, for the second quarter of 2006.

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