FARRAGUT MORTGAGE CO. OF MANSFIELD, MASS., BRINGS OFFERING TO THE AMERICAN STOCK EXCHANGE
FARRAGUT MORTGAGE CO. OF MANSFIELD, MASS., BRINGS
OFFERING TO THE AMERICAN STOCK EXCHANGE
NEW YORK, Feb. 25 /PRNewswire/ -- The American Stock Exchange announced that Farragut Mortgage Co., Inc. of Mansfield, Mass., began trading its common stock today. Trading under ticker symbol FMS, the stock opened on 211,500 shares at 6-5/8.
Prior to this offering, the company's common stock was traded sporadically in the over-the-counter market.
Farragut Mortgage is engaged in the residential mortgage banking business. This involves the origination, purchase, sale and servicing of one-to-four family mortgage loans. Their primary service area is New England.
For the fiscal year ended Dec. 31, 1991, Farragut Mortgage reported net income of $502 thousand on revenues of $2.9 million, compared to a net loss of $2.7 million on revenues of $1.7 million for the comparable period in 1990.
The American Stock Exchange is the second largest securities exchange in the United States and the largest American exchange with significant markets in both equities and derivative products. Today, it is an international institution on the cutting edge of trading floor technology, new product development and expansion into world markets through system linkages and globally traded products.
/CONTACT: Lisa Neuner of AMEX, 212-306-2028/
(FMS) CO: Farragut Mortgage Co., Inc. ST: Massachusetts IN: FIN SU: OFR SM -- NY074 -- 2479 02/25/92 15:36 EST