Monday May 4, 7:05 am Eastern Time
Company Press Release
Mortgage Bankers Holding Corp. Announces the Acquisition of National Settlements, Inc.
CARNEGIE, Pa.--(BUSINESS WIRE)--May 4, 1998--Mortgage Bankers Holding Corp. (OTCBB:MBHC - news) announced today that it has acquired one hundred percent of the authorized stock of National Settlements, Inc. (NSI), a Pennsylvania based settlement service.
The acquisition of National Settlements, Inc. enables Mortgage Bankers Service Corporation, the mortgage subsidiary of MBHC to provide seamless processing of mortgage loans from origination to closing as a captive service. As a direct result of today*s acquisition, MBHC will realize substantial additional fee income of approximately $750,000 annually from settlements.
S. James Buches, Esquire has been named Chief Executive Officer of NSI and Thomas J. Mortimer, Esquire will be the president of NSI. According to Attorney Mortimer, ''the business currently closes approximately $10-$15 million annually. Our officers have in excess of twenty-five years of settlement and title insurance experience and are approved as settlement agents locally with PNC Bank Corp. (NYSE:PNC - news), National City Bank and Mellon Bank Corp. (NYSE:MEL - news) as well as with numerous other lenders in the Mid-Atlantic Region. By associating with MBHC, we anticipate our annual volume to approach $100 million by the 4th quarter of 1998.''
Mortgage Bankers Holding Corp.'s Chairman, Raymond P. Sobieralski, stated, ''this acquisition will provide significant fee income to MBHC which our shareholders will enjoy. Additionally, consumers utilizing our mortgage service will realize benefits and cost savings through pricing modifications of our existing mortgage products.''
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.
Financial Statements in this press release other than historical facts are ''forward-looking'' statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
Contact:
Mortgage Bankers Holding Corp.
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