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FIRST CHESAPEAKE FINANCIAL CORPORATION ANNOUNCES PORTFOLIO ACQUISITION AND ENTERS LOAN ORIGINATION BUSINESS

 RICHMOND, Va., Sept. 2 /PRNewswire/ -- First Chesapeake Financial Corp. (FCFN) today announced that the company has acquired a $490 million mortgage loan servicing portfolio at a purchase price of approximately $8.75 million. This acquisition, along with its existing portfolio, provides a broad level of geographic diversity, cash flow and revenues for the company. Proceeds from the company's initial public offering and other cash resources were utilized for the acquisition.
 Separately, the board of directors of the company has approved entering the mortgage loan origination business. The company is in the process of implementing this new operation and may use up to $1 million from the recently concluded initial public offering. Commenting on this new development, President Max E. Gray said, "Mortgage loan originations will act as a hedge to existing portfolio runoff and provide additional mortgage loan servicing revenues for the company." Prior to this decision, the company had focused its attention only to the mortgage loan servicing business.
 -0- 9/2/93
 /CONTACT: Max E. Gray, president of First Chesapeake Financial Corp., 804-320-0160/


CO: First Chesapeake Financial Corp. ST: Virginia IN: FIN SU: TNM

MP-OS -- NY034 -- 8348 09/02/93 10:43 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
Words:195
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