Bank of the West Acquires Essex Credit Corporation.SAN FRANCISCO--(BUSINESS WIRE)--August 20, 1997--Bank of the West today announced the signing of a definitive agreement to purchase Essex Credit Corporation. Essex is a privately held direct consumer finance company specializing in the 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 of high quality marine credits through a network of 10 loan production offices located throughout the country. The transaction is anticipated to close in the third quarter of 1997. Commenting on the transaction, Don McGrath, President and Chief Executive Officer of Bank of the West, stated: "We are very pleased to add Essex as an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of Bank of the West. We have known and conducted business with Essex for the past five years. Their management and staff are held in high regard throughout the industry and will greatly aid the Bank's effort in expanding our nationwide presence in consumer marine finance." Established in 1981, and headquartered in Essex, Connecticut, Essex originated in excess of $285 million in consumer loans in 1996. Both Gene Schiavone, the Chairman and Chief Executive Officer of Essex, and Alan Swimmer, the company's 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. , will remain with Essex in their current positions following the acquisition. "We look forward to the significant opportunities a formal alliance with Bank of the West affords Essex Credit Corporation," stated Mr. Schiavone. "Their commitment to consumer finance, as well as the financial and systems strengths provided by the Bank will enable Essex to move to the next level in loan originations 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. through more effectively servicing the needs of our customers." Bank of the West, headquartered in San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , is the fifth largest bank in the state with $5.4 billion in assets, and a member of worldwide Banque Nationale Banque Nationale (French: "National bank") may refer to:
CONTACT: Robert Raye Senior Vice President Bank of the West 510/942-8585 |
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