Florida entrepreneurs William M. Wetherall and Ramsay Momneh moved this week to transform their Tampa-based home equity lender into a national business, forming a new holding company that can raise acquisition capital.

With a $500,000 initial public offering, Mr. Wetherall and Mr. Mumneh created CMAL Financial Corp. as a holding company for Continental Mortgage Associates, which Mr. Momneh, an investment banker, bought last year.

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