Command Credit sells First Equities and its "Lease-A-Home" program to Cenna Communications.GARDEN CITY, N.Y.--(BUSINESS WIRE)--Oct. 8, 1996--Command Credit Corp. (OTC-CDMD), announced today the sale of First Equities Corp., a wholly-owned mortgage banking subsidiary to Cenna Communications Group Inc. (Cenna), a publicly listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → . Cenna represents a tri-state area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. mortgage banking company that is doing business at a rate of $20 million in mortgage originations per month, and currently reports a $12 million asset base. Cenna plans to change its name to First Equities Corp. and will operate independently of Command. Command will receive 400,000 shares of the newly acquired First Equities Corp., which will be distributed to the Command shareholders of record as of Oct. 7, 1996. Edward R. Capuano, 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. and chairman of Cenna said that "This is a good acquisition for Cenna in that it brings them a new product, the 'Lease-A-Home' program that Command developed. This added to the current rate of growth in obtaining new mortgages is synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. to the overall growth of the company. We are taking the First Equities Corp. name since we believe it best describes the nature of our business." William Lucas, chairman of Command stated that "The Board of Directors of Command decided to sell First Equities Corp. including its name to Cenna in an effort to create a greater value for the shareholders, reduce overall corporate expenditures and overhead, and allow the company to better focus on its remaining wholly-owned subsidiaries." Command Credit Corp. is an international 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. company that owns and operates five divisions, which includes a major bank credit card servicing center. CONTACT: Command Credit Corp., Garden City Investor Relations Investor relations The process by which the corporation communicates with its investors. , 1-800-338-9199 |
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