Transnational Financial Network, Inc. Announced an Agreement to Acquire the Mortgage Banking Division of a Large Regional Bank
07 Août 2006 - 2:45PM
Business Wire
Transnational Financial Network, Inc. (AMEX:TFN), a
California-based wholesale and retail Mortgage Banking firm,
announced today that it has reached an agreement to acquire the
mortgage banking division of a large regional bank holding company.
The transaction will involve the issuance of three million shares
of TFN Common Stock. This will make the bank one of the largest
shareholder in TFN and almost double the Company's origination
volume, based on historical performance. TFN's Board of Directors
approved the execution of the Letter of Intent and the acquisition
is expected to close by mid September. "This is a very accretive
deal for us," said Joseph Kristul, TFN's Chief Executive Officer.
He added, "We get immediate and significant geographic
diversification and a solid senior management team, highly
motivated to grow this business. This represents the first of
several mergers or acquisitions we anticipate making as part of our
strategy to build a $5 billion origination franchise."
Transnational Financial Network, Inc. is a wholesale and retail
mortgage banker that originates, funds and sells mortgage loans
secured by one to four family residential properties. Through its
strong sales and broker service programs, the Company has built a
foundation for growth and expansion, principally in the markets of
Northern California, Southern California and Arizona. This News
Release may contain "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, and Section 21E of
the Securities Exchange Act of 1934. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations
will prove correct.
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