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FARRAGUT MORTGAGE CO., INC. SIGNS DEFINITIVE AGREEMENT TO BUY ALTA MORTGAGE FROM THE HOFMANN COMPANY

 FARRAGUT MORTGAGE CO., INC. SIGNS DEFINITIVE AGREEMENT
 TO BUY ALTA MORTGAGE FROM THE HOFMANN COMPANY
 MANSFIELD, Mass., Aug. 20 /PRNewswire/ -- Farragut Mortgage Co., Inc. (AMEX: FMS) announced today that it has executed a definitive agreement to purchase ALTA Mortgage Company, a California residential mortgage banker, for approximately $10 million in cash.
 ALTA has approximately $820 million in its mortgage servicing portfolio and had mortgage originations in 1991 of approximately $450 million. When completed, the ALTA acquisition will increase Farragut's servicing to over $2.4 billion and give the combined company an origination capability of over $1.0 billion per year.
 "ALTA is a top quality wholesaler mortgage originator and servicer, which has a strong management team that will provide a platform to support origination and servicing growth," said Edward D. Lagarde, Farragut's president and chief executive officer.
 The closing of the acquisition is subject to the satisfaction of customary conditions and the completion of the related bank financing for which Farragut has obtained a commitment.
 Farragut Mortgage Co., Inc. is engaged in the residential mortgage banking business, which involved the origination, purchase, sale and servicing of one- to four-family mortgage loans.
 -0- 8/20/92
 /CONTACT: Edward D. Lagarde, president and chief executive officer of Farragut Mortgage, 508-337-8605/
 (FMS) CO: Farragut Mortgage Co., Inc.; ALTA Mortgage Company ST: Massachusetts, California IN: SU: TNM


CN -- NE002 -- 1596 08/20/92 09:04 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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