|
Target Information |
| Target: |
Stonecreek
Funding Type of Company: Mortgage Banker |
| City: |
|
State: CO
|
| Financial Data As Of: |
N/A |
Assets: N/A |
Book Value: N/A |
| Target’s Business: |
Stonecreek
Funding has retail and wholesale lending operations in the western
United States, currently originating over $20 million per month in loan
volume. Stonecreek’s primary focus is in Subprime and Alt-A product
lines. The company has streamlined its internal processes, using
automation tools such as Assetwise and the Datatrac loan origination
platform. Strong senior management and automation have enabled
Stonecreek to double its production and profitability each year since
inception. Management projects volume of over $200 million and pre-tax
profit of over $3 million for the year ending December 2002.
|
|
Acquirer Information |
| Acquirer: |
Lahaina
Acquisitions, Inc. Type of Company: Multi-state Mortgage Banking |
| City: |
|
State:
|
| Financial Data As Of: |
N/A |
Assets: N/A |
Book Value: N/A |
| Acquirer’s Business |
Lahaina operates
a multi-state banking operation through United Capital Mortgage
Corporation, a wholly owned subsidiary, and has a national online
mortgage presence at www.ucmc.net. The company’s
goal is to become a national leader in the mortgage banking industry by
continuing to (i) expand its business internally by increasing same
branch office originations and opening new offices. It also plans to
expand externally by acquiring existing mortgage operations or business
units and increase overall profitability through technology and process
standardization. |
|
Transaction Information |
| Status: |
Pending |
| Announcement
Date: |
06/17/02 |
Accounting: N/A |
| Completion Date: |
Pending |
Consideration:
N/A |
| Deal Value: |
N/A |
| Comments: |
Dan Moudy, the
CEO of Lahaina comments that the proposed acquisition, coupled with
channel expansion and operations improvements within UCMC subsidiary
will provide substantial increases in profitability and shareholder
value, making the combined company a dominant player in the markets it
serves. The deal is expected to close on June 30, 2002. |
