United Financial Mortgage Corp. Signs Letter of Intent to Acquire First Guaranty Financial Corp.; Company Set to Acquire Santa Ana-based Mortgage Lender.Business Editors OAK BROOK, Ill.--(BUSINESS WIRE)--March 14, 2001 United Financial Mortgage Corp. (CHX See Chicago Stock Exchange. CHX See Chicago Stock Exchange (CHX). :UFM UFM Universidad Francisco Marroquín (Francisco Marroquín University, Guatemala) UFM User Flash Memory (oscillator in Altera MAX II devices) UFM Universal Fiber Model UFM Underflow Mode UFM Ultra Fast Module ) ("UFM" or "The Company") today announced it has signed a letter of intent to acquire privately held First Guaranty Financial Corp. ("FGFC FGFC First Guardian Financial Corporation (New York) "), a Santa Ana, Calif.-based mortgage lender. Terms were not disclosed. FGFC originates residential loans through both wholesale and retail production efforts. The proposed transaction, which is subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and board approvals, is expected to increase UFM's loan volume by almost $30 million per month and is scheduled to close in April 2001. Commenting on the proposed transaction, Joseph Khoshabe, 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. of UFMC UFMC United Financial Mortgage Corp , said: "The acquisition of FGFC fits precisely with our growth strategy of increasing our loan volume. As our industry continues to evolve, we are determined to maintain our position at the forefront of providing innovative, nationwide, mortgage banking services. We believe that this key acquisition along with an increase in the number of our branch offices will provide added distribution of the innovative products and services we have to offer." About United Financial Mortgage United Financial Mortgage is a national 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. principally engaged in originating retail and wholesale mortgages for single family residences of one to four units. The company has headquarters in Oak Brook, and has regional offices in several other states. The company's Web site (www.ufmc.com) allows consumers to get information on the many different types of mortgage loans offered by the company, calculate mortgage payments, and apply online for a mortgage. This news release may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from the statements contained herein. Such risks and uncertainties include, but are not limited to, changes in the performance of the financial markets, changes in the demand for and market acceptance of the company's products, changes in the mortgage lending industry or changes in general economic conditions, including interest rates, the impact of competition, changes in the value of real estate, the ability to maintain and increase sources of funding, and other risks disclosed from time to time in the company's Securities and Exchange Commission reports and filings. |
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