acquisition de jour
today bank of america acquired the company i work for. wonderfully thrilling news for me and my peeps and there are no layoffs; only plans for massive amounts of growth. if anyone needs a reverse mortgage let me know. here is the press release:
Acquisition enhances Bank of America's leadership position in providing
financial solutions for seniors
CHARLOTTE, N.C., April 26 /PRNewswire/ -- Bank of America today
announced that it has signed a definitive agreement to acquire the reverse
mortgage business of Seattle Mortgage Company, an indirect subsidiary of
Seattle Financial Group, Inc., one of the leaders in providing financial
solutions for seniors. Bank of America is one of the country's leading
mortgage lenders, and has recently been piloting innovative reverse
mortgage products with customers in Arizona since November. Seattle
Mortgage markets its reverse mortgages under its division name, Reverse
Mortgage of America.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
"Seattle Mortgage has been a pioneer in developing mortgage products
and services that address the senior population's growing need for greater
financial liquidity," said Floyd Robinson, president of Bank of America
Consumer Real Estate. "This is in line with Bank of America's desire to
grow its consumer real estate business by utilizing our significant
advantages in size and scale."
Financial details of the transaction were not announced. The deal is
expected to close in the second quarter of 2007, pending regulatory
approval. David Rupp, Bank of America Home Equity executive, will oversee
the integrated operation.
"We will leverage Seattle Mortgage's industry expertise with Bank of
America's leading distribution channels to achieve market leadership in
this growing area of the financial services marketplace," Rupp said.
Seattle Mortgage entered the reverse mortgage industry in 1995. It has
a loan portfolio of 40,000 reverse mortgages, totaling over $4 billion in
outstanding balances. Approximately 400 Seattle Mortgage associates will
join Bank of America, including a retail sales force of more than 200 sales
associates in 25 states and the District of Columbia. John Nixon, executive
vice president and COO of Reverse Mortgage of America, a division of
Seattle Mortgage Company, and Charlie Jones, vice president of Loan
Servicing, will join Bank of America and report to David Rupp.
Bank of America achieved market leadership as the nation's No. 1 home
equity lender in 2006 and remains the market leader today with more than
$92 billion in loans and lines of credit.
UBS Investment Bank acted as exclusive financial advisor to Seattle
Mortgage Company in this transaction.
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk-management products and services. The company
provides unmatched convenience in the United States, serving more than 56
million consumer and small business relationships with more than 5,700
retail banking offices, more than 17,000 ATMs and award-winning online
banking with nearly 22 million active users. Bank of America is the No. 1
overall Small Business Administration (SBA) lender in the United States and
the No. 1 SBA lender to minority-owned small businesses. The company serves
clients in 175 countries and has relationships with 98 percent of the U.S.
Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
Acquisition enhances Bank of America's leadership position in providing
financial solutions for seniors
CHARLOTTE, N.C., April 26 /PRNewswire/ -- Bank of America today
announced that it has signed a definitive agreement to acquire the reverse
mortgage business of Seattle Mortgage Company, an indirect subsidiary of
Seattle Financial Group, Inc., one of the leaders in providing financial
solutions for seniors. Bank of America is one of the country's leading
mortgage lenders, and has recently been piloting innovative reverse
mortgage products with customers in Arizona since November. Seattle
Mortgage markets its reverse mortgages under its division name, Reverse
Mortgage of America.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
"Seattle Mortgage has been a pioneer in developing mortgage products
and services that address the senior population's growing need for greater
financial liquidity," said Floyd Robinson, president of Bank of America
Consumer Real Estate. "This is in line with Bank of America's desire to
grow its consumer real estate business by utilizing our significant
advantages in size and scale."
Financial details of the transaction were not announced. The deal is
expected to close in the second quarter of 2007, pending regulatory
approval. David Rupp, Bank of America Home Equity executive, will oversee
the integrated operation.
"We will leverage Seattle Mortgage's industry expertise with Bank of
America's leading distribution channels to achieve market leadership in
this growing area of the financial services marketplace," Rupp said.
Seattle Mortgage entered the reverse mortgage industry in 1995. It has
a loan portfolio of 40,000 reverse mortgages, totaling over $4 billion in
outstanding balances. Approximately 400 Seattle Mortgage associates will
join Bank of America, including a retail sales force of more than 200 sales
associates in 25 states and the District of Columbia. John Nixon, executive
vice president and COO of Reverse Mortgage of America, a division of
Seattle Mortgage Company, and Charlie Jones, vice president of Loan
Servicing, will join Bank of America and report to David Rupp.
Bank of America achieved market leadership as the nation's No. 1 home
equity lender in 2006 and remains the market leader today with more than
$92 billion in loans and lines of credit.
UBS Investment Bank acted as exclusive financial advisor to Seattle
Mortgage Company in this transaction.
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk-management products and services. The company
provides unmatched convenience in the United States, serving more than 56
million consumer and small business relationships with more than 5,700
retail banking offices, more than 17,000 ATMs and award-winning online
banking with nearly 22 million active users. Bank of America is the No. 1
overall Small Business Administration (SBA) lender in the United States and
the No. 1 SBA lender to minority-owned small businesses. The company serves
clients in 175 countries and has relationships with 98 percent of the U.S.
Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.