HAMILTON FINANCIAL SERVICES CORPORATION ANNOUNCES INITIAL PUBLIC OFFERING; TRADING BEGINS ON NASDAQ UNDER SYMBOL "HFSC"
SAN FRANCISCO, May 26 /PRNewswire/ -- Hamilton Financial Services Corporation is pleased to announce the public offering of 3 million shares of common stock, of which, 2,100,000 shares are offered by the company, and 900,000 shares are offered by the selling shareholders. The shares are priced within the amended filing range at $7.00. The common stock will be quoted on NASDAQ, under the symbol "HFSC." Alex Brown and Sons led the group of underwriters of this offering, which was effective at 4:30 p.m. EDST May 25. Chairman William Kirschenbaum stated that, "This offering is a major step in accomplishing Hamilton's financial and business goals. This positions the company to be a leading player in the mortgage banking industry." Hamilton Financial Services Corporation, through its subsidiary Hamilton Financial Corporation, is primarily engaged in the mortgage banking business, which consists of the origination, sale, and servicing of residential mortgage loans and the purchase and sale of mortgage servicing rights. Through Hamilton Carter Smith & Co., Incorporated, the company is also engaged in the brokerage of mortgage servicing rights and the performance of valuation and consulting services for the mortgage banking business. Hamilton will use its net proceeds from the sale of the common stock offered for capital to increase its mortgage loan capabilities and to build its mortgage loan servicing portfolio, and for general working capital purposes. Hamilton Financial Corporation is based in San Francisco, and operates in seven states. Hamilton's loan servicing portfolio consists of $2.3 billion in residential mortgage loans, and, in 1992, its loan production was approximately $1.55 billion. Chairman of the Board is William Kirschenbaum, and William D. Rast is President. -0- 5/26/93 /CONTACT: William Kirschenbaum, chairman of the board, 212-832-9839, or Veronica Masterson, director of marketing, 415-597-5672, both of Hamilton Financial Corporation/
CO: Hamilton Financial Services ST: California IN: FIN SU: OFR
LD -- NY005 -- 2301 05/26/93 08:31 EDT
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|Date:||May 26, 1993|
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