Crown NorthCorp Announces Plans to Acquire AMI Capital, Inc.COLUMBUS, Ohio--(BUSINESS WIRE)--Aug. 26, 1997--Crown NorthCorp 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 :ASET ASET Alberta Society of Engineering Technologists (Canada) ASET Automated Security Enhancement Tool ASET Australian Society for Educational Technology ASET Application Specific Engine Technology ) and ULLICO ULLICO Union Labor Life Insurance Company , Inc., have signed a letter of intent for Crown to acquire AMI Capital, Inc., A ULLICO subsidiary based in Bethesda, Maryland Bethesda is an urbanized, but unincorporated, area in southern Montgomery County, Maryland, just Northwest of Washington, D.C. It takes its name from a church located there, the Bethesda Presbyterian Church, built in 1820 and rebuilt in 1850, which in turn took its name from . AMI originates and services multifamily mortgage loans, primarily for Fannie Mae's Delegated Underwriting and Servicing program. Crown would acquire all of the stock of AMI in exchange for cash, debt and Crown stock. A ULLICO representative would become a member of Crown's Board of Directors. The transaction is subject to final approval of a definitive agreement by the boards of Crown and ULLICO, certain regulatory approvals and other matters. In making the joint announcement, Ronald E. Roark, Chairman and Chief Executive Officer of Crown, said, "The acquisition of AMI will be an important step in the implementation of Crown's business plan to establish Crown as a vertically integrated specialty financial services firm. AMI's market presence and reputation will significantly enhance Crown's mortgage origination capability as well as the company's loan servicing and mortgage securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. businesses." Michael R. Steed steed see nag. , Executive Vice President of ULLICO, noted, "We are excited about the opportunities this transaction presents. We look forward to working with Crown to help it become a provider of comprehensive loan origination and other services to the commercial real estate industry." Crown operates through its Columbus, Ohio headquarters and five other offices in the United States and Europe. In addition to its Bethesda headquarters, AMI has an office in Florida. CONTACT: Crown NorthCorp, Inc. Stephen Brown, 614/488-1169 |
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