News is out!!!!!!!!!!!!
Tuesday July 28, 7:02 am Eastern Time
Company Press Release
PanAmerican BanCorp Acquires Realty Money Center
NEW YORK--(BUSINESS WIRE)--July 28, 1998--PanAmerican BanCorp/Purewater (PRWT - NASDAQ) has acquired 100% of Realty Money Center for stock and other considerations.
Realty Money Center, founded in 1988, is one of the leading mortgage companies in Nevada and is licensed in over ten states including California, New York, Florida and Arizona. Five branches are in Nevada. Realty Money Center is a profitable, full service mortgage banking organization specializing in single family mortgage originations.
For 1997, Realty's closings were in excess of 500 Million Dollars. All earnings for 1998 will be accreted to PanAmerican BanCorp's consolidated statement.
Realty Money Center founder and president Dave Williams will now head-up all of PanAmerican BanCorp's residential mortgage operations. Realty Money Center has 27 employees. ''Our joining PanAmerican is an opportunity for growth and expansion,'' said Williams.
''I believe,'' said John Schmitz, CEO of PanAmerican BanCorp, ''that Dave Williams' over 20 years of experience in mortgage banking and proven leadership abilities will dramatically enhance our expansion and growth in the mortgage field.'' |
