AMERICAN RESIDENTIAL HOLDING CORP. TO PURCHASE FOSTER MORTGAGE CO.
SAN DIEGO, Aug. 5 /PRNewswire/ -- American Residential Holding Corp. announced today that it has signed a letter of intent to purchase substantially all of the assets of Foster Mortgage Co., located in Ft. Worth, Texas, for an undisclosed price. American Residential Holding Corp. is the parent of American Residential Mortgage Corp., one of the country's leading mortgage banks. In commenting on the deal, President and Chief Executive Officer John M. Robbins Jr. said, "This acquisition is consistent with our strategy to expand both mortgage loan servicing and originations. It accomplishes our plan to acquire a second servicing platform outside of California. We believe that a Texas location will enable us to operate more cost efficiently, and, additionally provide more favorable corporate tax treatment than in California for the company's growing operations." The transaction includes a three-building, 145,000-square-foot complex in Fort Worth, with a capacity to service up to 500,000 loans. This office will operate in addition to American Residential's servicing operation located at its headquarters in San Diego. At June 30, 1992, the company serviced $10.3 billion in loans. Robbins stated, "Two locations better position us to manage the operational effects of rapid growth through both our production network and servicing acquisitions." Foster Mortgage is a residential loan originator and services approximately $3.5 billion in loans. American Residential Mortgage Corp., headquartered in San Diego, has 63 branches throughout the United States. The company originates, sells and services residential mortgages. -0- 08/05/93 CONTACT: Judith A. Berry, CFO, 619-535-4425, or Julie Roloff, senior VP-portfolio strategies, 619-535-4640, or Kasey Emmel, media relations, 619-535-4310, all of American Residential Holding CO: AMERICAN RESIDENTIAL HOLDING CORP.; FOSTER MORTGAGE CO.; AMERICAN RESIDENTIAL MORTGAGE CORP.
IN: FIN SU: TNM ST: CA
-- SD002 -- X312 08/05/93
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|Date:||Aug 5, 1993|
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