BankAmerica Completes Acquisition of Honolulu Mortgage Co.HONOLULU--(BUSINESS WIRE)--March 4, 1997--BankAmerica Corporation today said that it has completed the previously announced acquisition of substantially all assets and operations of Honolulu Mortgage Co., Inc. -- the largest mortgage company in Hawaii. Terms of the transaction were not disclosed. The acquired business has become part of BankAmerica Mortgage, one of the nation's largest mortgage lenders. BankAmerica Mortgage said it plans to continue operating the business under the Honolulu Mortgage name. BankAmerica acquired Honolulu Mortgage from HomeSide Lending Inc., a Jacksonville, Fla.-based company owned by Barnett Banks Barnett Bank, founded in 1877, eventually became the largest commercial bank in Florida. It was purchased by NationsBank in 1997, but even before signs on Barnett's branches were changed, NationsBank merged with BankAmerica Corp., creating Bank of America. Inc., Bank of Boston and other investors. "This acquisition makes BankAmerica one of the largest mortgage lenders in Hawaii, and we will be working aggressively in coming months to further increase our marketshare throughout the Hawaiian Islands," said Arthur D. Ringwald, group executive vice president of BankAmerica Mortgage. "We are excited about adding Honolulu Mortgage to the BankAmerica family, and we look forward to building on the company's long, successful track record and strong presence in the Hawaii mortgage marketplace." Honolulu Mortgage Co., Inc. had approximately $300 million in home 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. in 1996. As of Dec. 31, 1996, Honolulu Mortgage had a $1.93 billion 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. portfolio. The company originates mortgages throughout the Hawaiian Islands via retail offices, builders/new housing projects, and a wholesale lending operation. Honolulu Mortgage operates two mortgage origination offices on Oahu, a satellite origination office in Kauai, and a mortgage servicing facility in Honolulu. San Francisco-based BankAmerica Corporation, the nation's third largest bank holding company, originates home loans through more than 2,000 branch offices of its retail banking network in 11 states and through its site on the World Wide Web located at http://www.bankamerica.com . BankAmerica Mortgage, an operating group of BankAmerica Corporation, also originates home loans through retail lending centers in 20 states, as well as wholesale lending and telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. operations which serve all 50 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Additional specialized loan origination units serve the realty, builder, corporate relocation, and affinity relationship markets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . With $15.77 billion in home loan originations during 1996, BankAmerica Corporation is one of the largest mortgage originators in the United States. As of Dec. 31, 1996, BankAmerica also had a mortgage servicing portfolio of $82.63 billion. BankAmerica Corporation also does business in Hawaii through Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Hawaii, which operates 41 branches on four islands with the longest banking hours banking hours npl → heures fpl d'ouverture des banques banking hours npl → Schalterstunden pl banking hours npl in the state and more than 160 ATM locations. Convenient services include full-service supermarket banking seven-days-a-week and Loan by Phone(TM). CONTACT: Bank of America, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Jeff Hershberger, 415/622-0870 Pager, 800/759-7243 PIN No. 4855864 or McNeil Wilson Communications, Honolulu Patrick Dugan, 808/531-0244 |
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