VINELAND, N.J. - Security Investments Group Inc. said its principal subsidiary, Security Savings Bank, signed a definitive agreement to sell the assets of its Greentree Mortgage Corp. unit to an affiliate of McMahan Securities Co.
Security will be paid $11.7 million in cash and notes, yielding current and deferred gains of $2 million.
Greentree will continue to operate offices in New Jersey and Florida. It originated about $478 million in residential mortgages in 1991 and currently services about $1.1 billion in residential mortgage loans.
