Transnatl Ntk (AMEX:TFN)
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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
executed a Letter of Intent to acquire AMC Mortgage, an Austin,
Texas-based mortgage banking company for up to 1,000,000 shares of TFN
common stock when the earn-out provision is achieved. AMC currently
generates in excess of $130 million in mortgage originations annually
and will continue to be managed by it’s
principal owner, Darryl Crawford.
Joseph Kristul, TFN’s Chief Executive Officer
noted, “we are excited about the Texas market
and Darryl Crawford’s leadership in our
expansion effort in the central Texas region. Upon completion we will
have made our second acquisition of Texas based mortgage bankers and
further demonstrates our commitment to diversifying our franchise beyond
our historical core markets in California and Arizona. Our recent
acquisition of Texas Capital Bank’s mortgage
division doubled the size of our company while reducing our exposure to
California and Arizona to less than half of our now total volume. Our
goal is to continue diversifying our business geographically as we build
a multi-billion dollar origination franchise. “
The acquisition is subject to the usual conditions including the
approval of the Board’s of Directors of each
company but otherwise is expected to close in February.
Transnational Financial Network, Inc. is a wholesale and retail mortgage
banker specializing in the origination, funding and sale of high end
mortgage loans secured by one to four family residential properties.
Less than 10% of the company’s volume is the
sub-prime credit market.
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.