Mortgage Bankers Holding Corp. Announces it has Entered into Preliminary Discussions for the Acquisition of Utah Based Real Estate Developer, Marketer and Lender
CARNEGIE, Penn., Nov. 19 /PRNewswire/ -- Mortgage Bankers Holding Corp. (OTC BULLETIN BOARD: MBHC) announced today that it has entered into preliminary discussions for the possible acquisition of one hundred percent of the authorized and issued shares of Marina Capital, Inc., a Salt Lake City, Utah based company with affiliates located in San Francisco, Denver, Los Angeles, Boston, New York and Scotland. Marina Capital, Inc. is comprised of
three divisions: Marina Development Services which provides land planning, engineering and consulting; Realty World Marina Capital which provides real estate sales and marketing; and Marina Capital Mortgage which provides the origination, processing and funding of construction loans and residential mortgages.
According to Larry R. Walker, President and CEO of Marina Capital, Inc., "Our company's strength is in its location as well as the professionalism and experience of its officers, directors and employees. Utah's business growth over the past several years has been extraordinary. The State's robust economy, job creation and excellent quality of life continue to generate national attention, especially with the selection of Salt Lake City as the site of the 2002 Winter Olympic Games. Such rapid economic growth will give
rise to continued real estate development and growth. Demand for commercial, residential, and recreational property continues to outpace supply, despite record breaking new construction and development."
Housing prices in Utah over the past five years and in the most recent 12-month period have increased faster than any other state. From 1991 to 1996, Utah's house price index, as published by the Office of Federal Housing Enterprise Oversight, increased by 72.7 percent. The house price index is derived from repeat mortgage transactions on single-family homes whose mortgages have been purchased by the Federal National Mortgage Association and
the Federal Home Loan Mortgage Corporation.
Mortgage Bankers Holding Corp.'s Chairman, Raymond P. Sobieralski, stated "the decision to open discussions with Marina Capital, Inc. was an easy choice to make for our Board of Directors. The value of Utah construction has risen 13.5 percent in 1996 to $3.5 billion with $2.1 billion in residential construction value and $1 billion nonresidential construction value. Marina Capital, Inc. has strategically positioned itself to take advantage of this anticipated growth throughout the next decade, keeping in mind environmental
issues and concerns, as well as community needs and desires."
Mortgage Bankers Holding Corp. is a diversified technology-based financial services company, which, through its subsidiaries utilizes, data transfer and exchange to offer a full spectrum of financial and asset management services and products.
SOURCE Mortgage Bankers Holding Corp.
CONTACT: Raymond P. Sobieralski, Chairman of Mortgage Bankers
Holding Corp., 888-226-5371; or Ira W. Miller, or Omar Sanchez of
I.W. Miller & Co., Inc., 800-495-4553 |
