Prospect Mortgage to Acquire IndyMac Bankcorp Mortgage Retail Branches
(Northbrook, IL, July 8, 2008) – Prospect Mortgage has signed an agreement to acquire the majority of IndyMac Bankcorp’s retail mortgage branches. Terms of the transaction were not disclosed.
The transaction encompasses approximately 750 employees along with more than 60 branch offices which will rebrand as Prospect Mortgage. John Johnston and Ron Bergum will remain in leadership roles with the retail branch group and report to Mark Filler, CEO of Prospect Mortgage.
“The IndyMac transaction benefits our loan officers, customers, sales managers and referral sources. This is growth for the right reasons, not just for the sake of growth,” said Mr. Filler. “The IndyMac transaction will enable us to increase our investment and success in marketing, technology, and customer service levels.”
With completion of the IndyMac transaction, Prospect Mortgage projects that it will become one of the largest independent retail mortgage company in the country.
Established in 2006, Prospect Mortgage specializes in acquiring midsized residential lenders, providing them with capital, cost-efficiencies, and increased resources while maintaining a decentralized, entrepreneurial business model. Prospect is backed by Sterling Partners, a multibillion-dollar private equity fund based in Chicago and Baltimore. To learn more, visit www.prospectmtg.com.
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This press release may contain forward-looking statements with respect to the Company’s business, financial condition, results of operations, plans, objectives and future performance. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements, including, among others, changes in demand for mortgage loans, the Company’s access to funding sources and the terms upon which it can obtain financing, the impact of economic slowdowns or recessions, management’s ability to manage the Company’s growth and planned expansion, competition in the Company’s market, changes in government regulations, the impact of new legislation or court decisions restricting the activities of lenders or suppliers of credit in the Company’s market and the inability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake to up-date forward looking statements to reflect the impact of circumstances or events that arise after the date the forward looking statement are made.
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