CLEARWATER, Fla.–(HISPANIC PR WIRE – BUSINESS WIRE)–May 6, 2003–Market Street Mortgage, one of the nation’s largest retail sources of financing for home mortgages and a wholly owned subsidiary of NetBank(R), has acquired the operational assets of Memorial Park Mortgage, Ltd., an independent full-service mortgage lender based in Houston, Texas.
The transaction builds on Market Street Mortgage’s and NetBank’s strategic plan to further diversify their mortgage operations by providing the company a broader presence in the Southwest, one of the country’s most desirable mortgage markets. The deal closed on Monday, May 5. Financial terms were not disclosed.
“We are delighted to bring Memorial Park Mortgage into our corporate family,” said Market Street Mortgage Chief Executive Officer Randall C. Johnson, CMB. “Its founder and CEO, Mark Cady, has built a strong, customer-oriented operation that will be a great asset to us. Both of our companies share a strong retail focus with a commitment to providing first-class service to our customers.”
“This is a great opportunity for us,” Cady said. “Our affiliation with Market Street Mortgage and NetBank offers us a stronger capital base, a broader product line and access to a first class back office operation. We believe this is a win for us and our customers.”
Cady will manage the Texas operations for Market Street Mortgage. Mortgage Originator Magazine has ranked him the #1 Loan Originator in unit volume in the nation six times in the last ten years. Market Street Mortgage’s Texas operations will continue to operate under the Memorial Park Mortgage name for the remainder of the year. Market Street Mortgage will continue to pursue select retail branch acquisitions.
About Market Street Mortgage
Market Street Mortgage(R) is among the nation’s leading retail originators of residential mortgage loans. Last year the company assisted more than 19,000 families with mortgages totaling nearly $2.5 billion. As Market Street Mortgage currently serves homebuyers, homebuilders and realtors in 33 states with 42 offices. Founded in 1986, the company became a subsidiary of NetBank in 2001 and has headquarters in Clearwater, Florida. For more information, please visit http://www.marketstreetmortgage.com.
NetBank(R) is the country’s first commercially successful Internet bank. NetBank currently has $2.3 billion in deposits and serves customers in all 50 states and more than 20 foreign countries. Its full line of financial services is designed around the needs and lifestyles of its customers. Through a branchless business model, NetBank operates at a fraction of the cost of a traditional bank. Since its start in 1996, NetBank has passed its cost savings to customers through more competitive deposit rates and free account services, such as online bill payment. Through its mortgage lending subsidiaries, Market Street Mortgage(R) and RBMG(R), NetBank ranks as a top 30 U.S. mortgage lender. NetBank, Equal Housing Lender and Member FDIC, is a primary operating subsidiary of NetBank, Inc. (Nasdaq: NTBK), a diversified financial services company. For more information on NetBank’s products and services, please visit http://www.netbank.com. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Information in this press release about NetBank’s plan to diversify its mortgage operations and Market Street Mortgage’s pursuit of additional retail branch acquisitions are “forward-looking statements” involving risks and uncertainties that could cause actual results to differ materially. Risks include changes in NetBank’s or Market Street Mortgage’s plans due to unforeseen financial, strategic or operational reasons. The company has no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties facing NetBank, see “Risk Factors” in NetBank, Inc.’s SEC filings.
Market Street Mortgage, Clearwater
Lisa Robbins, 813/228-0652
Rich Jeffers, 678/942-7596