Transnatl Ntk (AMEX:TFN)
Historical Stock Chart
From Jul 2019 to Jul 2024
Transnational Financial Network, Inc. (AMEX:TFN), a
California-based wholesale and retail Mortgage Banking firm, announced
today that it has reached an agreement to acquire the mortgage banking
division of a large regional bank holding company. The transaction
will involve the issuance of three million shares of TFN Common Stock.
This will make the bank one of the largest shareholder in TFN and
almost double the Company's origination volume, based on historical
performance. TFN's Board of Directors approved the execution of the
Letter of Intent and the acquisition is expected to close by mid
September.
"This is a very accretive deal for us," said Joseph Kristul, TFN's
Chief Executive Officer. He added, "We get immediate and significant
geographic diversification and a solid senior management team, highly
motivated to grow this business. This represents the first of several
mergers or acquisitions we anticipate making as part of our strategy
to build a $5 billion origination franchise."
Transnational Financial Network, Inc. is a wholesale and retail
mortgage banker that originates, funds and sells mortgage loans
secured by one to four family residential properties. Through its
strong sales and broker service programs, the Company has built a
foundation for growth and expansion, principally in the markets of
Northern California, Southern California and Arizona.
This News Release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, and Section
21E of the Securities Exchange Act of 1934. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove correct.