DELRAY BEACH, Fla. - Westmark Group Holdings Inc. said it has signed a definitive agreement to buy the production assets of Greentree Mortgage Co., Marlton, N.J., a privately held mortgage bank.
Westmark has already paid $175,000 cash. The balance is being raised by Brookstreet Securities.
Greentree Mortgage has a mortgage pipeline of about $100 million, and it funded about $30.5 million of residential mortgage loans last month. Greentree employs 80 production staff members in its New Jersey headquarters and branch offices in Tampa and Phoenix.
Greentree will operate as a wholly owned subsidiary of Westmark Group Holdings. Robert J. Conover, Greentree's CEO, will retain his post.
Michael F. Morrell, chairman, president, and chief executive officer of Westmark said, "The Greentree acquisition is the one we have been waiting to do."
Westmark, through its subsidiary, Westmark Mortgage Corp., offers standard agency programs, construction loans, and nonagency "B" and "C" loans.
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MINNETONKA, Minn. - American Church Mortgage Co., a newly formed real estate investment trust, announced that its registration statement for an initial public offering of up to two million shares of common stock had been accepted by the Securities and Exchange Commission.
The shares are being offered at $10 through American Investors Group Inc., an affiliated broker-dealer, and through other regional broker- dealers. The principals of American Church are also principals of American Investors Group.
American Church specializes in mortgage lending to churches throughout the United States. The loans may range from $100,000 to $1 million.
The company intends to qualify and be operated as a real estate investment trust, distributing quarterly dividends to its shareholders, who may elect to reinvest dividends in additional shares.