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HOMEBANC TO ESTABLISH RESIDENTIAL MORTGAGE DIVISION AS INDEPENDENT ENTITY

 ATLANTA, Oct. 18 /PRNewswire/ -- HomeBanc, Federal Savings Bank, a financial institution in Atlanta since 1929, will establish its residential mortgage division as an independent entity.
 In making the announcement, Robert F. Tomain, president of HomeBanc, indicated that this reorganization would enhance both the bank's and the mortgage corporation's ability to continue to expand and to develop new markets. He stated that the bank's Atlanta focus and the mortgage company's regional approach require distinct operating structures and that the separation will improve the profitability and growth potential of both companies. Tomain noted that HomeBanc has operated under the mortgage bank philosophy since the 1970s and established an autonomous mortgage division in 1991.
 During the past three years, the mortgage entity has established itself as the number one residential lender in the Atlanta metropolitan area with 1993 loan closings expected to exceed $800 million. Additionally, it opened a branch office in Deerfield Beach, Fla., in April of 1992.
 Executive Vice President of the Mortgage Corporation Patrick S. Flood stated: "The substantial growth and market support achieved here in Atlanta has allowed the mortgage group to consider other opportunities in the Southeast. The Florida office, located in the heart of Broward County, has become a top 10 lender within just 16 months of its entry into that market."
 The senior offices of the mortgage corporation will be Robert S. Cannon, president, Patrick S. Flood, executive vice president, and Roy G. Krause, secretary/treasurer and CFO. Cannon expressed that, "The formation of the corporation as an independent operation and management team will allow the necessary focus to achieve long-term growth plans." He said that he expected the restructuring to be completed by Jan. 1, 1994, pending final approval by the board of HomeBanc and any required regulatory approval.
 -0- 10/18/93
 /CONTACT: Roy G. Krause of HomeBanc, 404-303-4010/


CO: HomeBanc, Federal Savings Bank ST: Georgia IN: FIN SU:

BN-BR -- AT014 -- 3516 10/18/93 15:40 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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