Cooperative Bank to Acquire Lumina Mortgage.Business Editors WILMINGTON, N.C.--(BUSINESS WIRE)--April 24, 2002 Cooperative Bank announced today that it has signed a definitive agreement to acquire Wilmington-based Lumina Mortgage Company. Lumina Mortgage has offices in Wilmington, North Myrtle Beach, South Carolina North Myrtle Beach is a city in Horry County, South Carolina, United States. It was created in 1968 from four existing municipalities north of Myrtle Beach, and serves as one of the primary tourist towns along the Grand Strand. and Virginia Beach, Virginia Virginia Beach is an independent city located in the South Hampton Roads area in the Commonwealth of Virginia, on the shores of the Chesapeake Bay and the Atlantic Ocean. It is the most populous city in Virginia and the 41st largest city in the United States, with an estimated . Their 2001 loan originations totaled $118 million. Frederick Willetts, III, President, stated, "With the merger of one of the area's premier mortgage companies and Wilmington's oldest and largest, we will be able to offer a wider range of products to a larger customer base." Linda Skipper will remain President of Lumina Mortgage which will become a subsidiary of the Bank. The transaction is expected to be completed in the current quarter. Cooperative Bank is the wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cooperative Bankshares, 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 : "COOP"). Chartered in 1898, Cooperative provides a full range of financial services through 17 financial centers in Eastern North Carolina Eastern North Carolina or (often abbreviated as ENC) is the region of North Carolina which includes the eastern third of North Carolina. It includes the Outer and Inner banks, thus it is often known geographically as the state's coastal region. . |
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