People's Bancshares, Inc. ('PBKB') Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : People's Bancshares, Inc. ('PBKB')

Public Reply Prvt Reply Mark as Last Read File

Next 10PreviousNext

To: leigh aulper who wrote ()	8/5/1999 6:54:00 PM
From: leigh aulper	of 5

People's Bancshares, Inc. ('PBKB') to Acquire Allied Bancshares Mortgage Group NEW BEDFORD, Mass., Aug. 5 /PRNewswire/ -- People's Bancshares, Inc. (Nasdaq: PBKB - news) announced today that it had entered into a definitive agreement to acquire Allied Bancshares Mortgage Group of Severna Park, Maryland for an undisclosed amount of cash. Allied is a twelve office retail mortgage banking company with operations in Maryland, Virginia and Florida. In 1998 Allied originated $513 million in 1 to 4 family residential mortgages. In 1998 61% of its originations were FHA/VA mortgage loans. Allied does not service loans. Colin C. Blair, Chief Financial Officer stated, ''Allied is an excellent fit for People's and together with our current level of production should allow us to originate over $1 billion in mortgages next year. Allied's operations parallel ours and should allow us to fully integrate operations by the end of the fourth quarter. We expect Allied to be accretive to earnings in its first year of operations.''

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Next 10PreviousNext