$611,000 Deal: Mortgage banking company Network Financial...
$611,000 Deal: Mortgage banking company Network Financial Services Inc. of Costa Mesa said it has signed a letter of intent to purchase Renet Financial Corp. in Anaheim in an all-stock deal.
Network Financial, the holding company for Westmark Mortgage Corp., said it would issue 650,000 preferred shares--with each share convertible into 10 common shares--to purchase privately held Renet.
For the record:
12:00 a.m. April 7, 1994 For the Record
Los Angeles Times Thursday April 7, 1994 Orange County Edition Business Part D Page 2 Column 6 Financial Desk 1 inches; 30 words Type of Material: Correction
Network Financial Services: The Costa Mesa mortgage banking company plans to purchase Renet Financial Corp. in Anaheim in an all-stock deal valued at about $6.1 million. A story Wednesday misstated the amount.
At Tuesday’s closing price of 94 cents a share, the deal would be worth $611,000. If completed, the acquisition would more than double Network’s estimated loan production this year to about $1 billion.
