American Home Mortgage to purchase Flower BankMortgagePress.comFlower Bank, American Home Mortgage, mergers and acquisitions
American Home Mortgage Investment Corporation has entered into
an agreement to purchase Flower Bank FSB from Umbrella Bancorp Inc.
The purchase is subject to regulatory approval.
American Home plans to purchase the single-office operation,
which was estimated on June 30 to be worth $43.7 million in total
assets, in order to gain a franchise through which it can offer its
banking products to the general public. Once purchased, American
Home plans to operate Flower Bank as a standalone unit, rather than
Melville, N.Y.-based American Home Mortgage Investment
Corporation is a mortgage real estate investment trust. For more
information, call (877) 304-3100 or visit www.americanhm.com.
Chicago-based Flower Bank FSB is a subsidiary of Umbrella
Bancorp Inc. For more information, call (312) 706-0700 or visit www.flowerbank.com.