Equitex Inc. has agreed to buy First Bankers Mortgage Services Corp. of Palm Beach Gardens, Fla., for one million shares of stock.

Equitex shares closed at $13.8125 on Wednesday, the day the deal was announced. The transaction is expected to close in the third quarter.

First Bankers originated more than $1.2 billion of mortgages and closed about $850 million worth last year.

First Bankers said it plans to introduce its on-line mortgage lending application later this summer under the name nMortgage.

Equitex Inc. is the parent of First TeleServices Corp. of Atlanta.

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