Press Release: Business Wire - July 28, 1998 07:17
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."
The matters discussed in this news release may be considered "forward looking" statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the company and its management. Prospective investors are cautioned that such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results.
CONTACT: PanAmerican BanCorp
Investor Relations 516/232-2221
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