Robert M. Stata Named President of Citizens Mortgage Service Company, A Wholly Owned Subsidiary of IMN Financial.MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 16, 1998--IMN Financial Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : Bulletin Board:IMNF IMNF Institute for Music and Neurologic Function (Beth Abraham Family of Health Services; Bronx, NY) ), a mortgage banking company, today announced the appointment of Robert M. Stata as President of Citizens Mortgage Service Company. Acquired on September 5, 1997, Citizens is a 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 IMN IMN Iraqi Media Network IMN Indicated Mach Number IMN Inter Member Network IMN Infectious Mononucleosis IMN Invisible Moose Network (website) IMN Illegal Macro Name IMN Internet Marketing Newsletter Financial Corp. Its principle business activity is that of a full service mortgage banker Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. , with a 25 year history in the mortgage banking business. Robert Stata's mission is to develop Citizens into a competing retail sub-prime lender. Stata, with over 10 years of previous history in developing this type of business, will lend his expertise, "to bring a national presence to IMN Financial Corp." Moreover, Citizens is approved to participate in FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). , Fannie Mae, and GNMA GNMA abbr. Government National Mortgage Association programs. IMN Financial continues to explore additional avenues, to fill its pipeline of business, and the accessibility to someone of Stata's esteemed background will play a major role in expanding our business. In commenting, on his new role as President, Stata is "looking forward to directing Citizens's focus towards the sub-prime industry. The synergy between Islands retail branch network and Citizens efforts has potential to impact the growth of IMN Financial." When asked about Stata's new role as a full time employee as compared to his previous role as a "consultant", Capuano, President of IMN Financial responded by saying, "Bob has an electrifying e·lec·tri·fy tr.v. e·lec·tri·fied, e·lec·tri·fy·ing, e·lec·tri·fies 1. To produce electric charge on or in (a conductor). 2. a. way about him and his activities within the industry. He brings a vast amount of experience having been responsible for overseeing a network of more tan 1,500 mortgage bankers and brokers in the United States. In welcoming Bob to this opportunity, the Executive Management team of IMNF stated that "Bob was the people's choice and endorsed by members of the industry." IMNF through its subsidiary, Island Mortgage Network Inc. is a full-service mortgage banking firm, which was established in 1984 as a one branch mortgage brokerage. Today IMN is a full-service mortgage banking firm with 49 branches operating in over 22 states. Except for the historical information contained herein the matters discussed in this press release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, release and sales of new products, and other risk factors detailed in the Company's most recent annual report, and filing with the Securities and Exchange Commission. |
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