1stPalm Financial Doubles Investment Capability; Board Unifies Leadership, Adds Three New Members.Business Editors JACKSONVILLE, Fla.--(BUSINESS WIRE)--Oct. 15, 2003 1stPalm Financial Inc. announced today that it has finalized See finalization. and closed on a new credit facility with First Tennessee This article or section has multiple issues: * Its neutrality is disputed. * It reads like an advertisement and needs to be rewritten in a neutral point of view. * It may require general cleanup to meet Wikipedia's quality standards. National Bank. Proceeds from the credit facility will be used to purchase mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. rights. In a separate development, existing investors have increased their equity commitment to 1stPalm. "These two events almost double 1stPalm's investment capability," stated Ann R. Mackey, 1stPalm's co-founder and President. "We've worked hard to achieve this position and are now intensifying in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: our search for investment opportunities. Our focus is on smaller mortgage portfolios or portfolios owned by investors with specialized servicing or reporting needs. Many times, our business partners start off with the impression that their transaction is too small or unique to be of interest to 1stPalm. It's not unusual for us to surprise them," Mackey added. At its July 22, 2003, board meeting, 1stPalm's board of directors consolidated the company's leadership under Mackey. Further, at its Sept. 16, 2003, board meeting, 1stPalm welcomed three new board members, bringing the total number of board members to seven. "1stPalm is delighted that these three individuals have chosen to add their expertise to the board. Each of them brings tremendous wisdom and experience to the company," stated Mackey. The three new members are: -- William H. Cunningham, formerly with Bank of New York's mortgage lending unit; -- Mary Belle Feltenstein, former senior international counsel for Bank of Boston and partner with a national law firm. Ms. Feltenstein is currently a financial consultant for early stage financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and technology companies; and -- John R. Yates, director at UMIST UMIST University of Manchester Institute of Science and Technology (UK) Ventures Ltd., the technology transfer arm of University of Manchester The University of Manchester is a university located in Manchester, England. With over 40,000 students studying 500 academic programmes, more than 10,000 staff and an annual income of nearly £600 million it is the largest single-site University in the United Kingdom and receives Institute of Science and Technology (UMIST). UMIST is one of the leaders in technology transfer in the UK. It has been awarded four Queen's Anniversary Prizes and is the only recipient of the UK Department of Trade and Industry prize for technology transfer. Privately held 1stPalm Financial Inc. provides specialized mortgage services that are targeted towards private mortgage investors, community banks and credit unions. These services include mortgage servicing, subservicing, mortgage portfolio and servicing sales, and portfolio optimatization advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . |
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