Advantage Bancorp Inc. announces the acquisition of The Financial Center of Illinois Inc.KENOSHA, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--July 19, 1995--Advantage Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AADV AADV Acquisition Aid Vehicle AADV Artists Against Domestic Violence ) and The Financial Center of Illinois Inc. have reached a definitive agreement for Advantage Bank to acquire The Financial Center, a mortgage broker operating in the Chicago and Milwaukee metropolitan areas. The Illinois office is located in Naperville, and the Milwaukee office is located on Mayfair Road in Wauwatosa, Wis. The Financial Center originated $110 million in mortgages in 1994 and was recently rated the 5th largest Milwaukee based mortgage broker by The Milwaukee Business Journal. It is estimated that this purchase will close within 30 to 60 days. This purchase will give Advantage Bank expanded mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real capacity in Chicago and Milwaukee. Advantage will be able to offer its customers mortgage loan products not currently available, including FHA/VA mortgages. Advantage will also have the opportunity to cross sell deposit, loan, and investment products to an expanded customer base. Karl J. Ostby, executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Advantage, commented, ``The acquisition will complement our current market area. It strengthens our business in the greater Milwaukee area and expands our reach into the Illinois market. By joining forces with The Financial Center, we will be able to offer a wider variety of mortgage loan products to our customers.'' The purchase price was not disclosed. CONTACT: Advantage Bancorp Inc., Kenosha Karl J. Ostby, 414/658-4861 or The Financial Center of Illinois Inc. Steven B. Weber Weber, river, United States Weber (wē`bər), river, c.125 mi (200 km) long, rising in the Uinta Mts., N central Utah, and flowing north and northwest to join the Ogden River at Ogden. The combined stream flows to the Great Salt Lake. , 708/505-9300 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion