AppOnline.com, Inc. Acquires Ohio-based Pioneer Financial Group, Ltd.MELVILLE, N.Y.--(BUSINESS WIRE)--September 16, 1999-- AppOnline.com, Inc. (AMEX AMEX See: American Stock Exchange : AOP (Automatic OPerator) An IRC channel host who moderates the topics, keeps online users in check and provides help for newbies unfamiliar with IRC software (mIRC, etc.). Whenever AOPs come into the channel, they inherit operator status. ), a fast-growing, full service Internet mortgage banker Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. , today announced it has acquired the Pioneer Financial Group, Ltd. Headquartered in Cleveland, Pioneer also has offices in Akron, Cincinnati and Columbus as well as Pittsburgh and Erie, Pennsylvania “Erie” redirects here. For other uses, see Erie (disambiguation). Erie (pronounced IPA: /ˈɪəri/) is a major industrial city on the shore of Lake Erie in the northwestern corner of the U.S. . Terms were not disclosed. "This latest acquisition is part of an ongoing strategy to expand our nationwide mortgage banking capabilities and capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. consolidation in the mortgage banking industry," explains Ed Capuano, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AppOnline.com, Inc. "We are also exploring acquisition opportunities with smaller Internet mortgage companies to grow under the Apponline.com brand." AppOnline.com, Inc. has grown dramatically in recent years in part through the acquisition of other mortgage banking firms around the country. The company will continue to seek new acquisitions to provide mortgage banking services to a broader range of customers locally as well as via the Internet. About AppOnline.com, Inc. AppOnline.com, Inc., provides low cost, residential mortgages quickly, easily and securely over the Internet as well as through its national network of mortgage branches. Nationwide, AppOnline.com, Inc. provided $720 million in residential mortgages in 1998. Except for the historical information contained herein the matters discussed in this news release include forward-looking statements that may vary significantly based on a number of factors, including but not limited to, risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, and other risk factors detailed in the Company's most recent annual report, and other filings with the Securities and Exchange Commission. |
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