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Wachovia acquires AmNetMortgagePress.comWachovia Corporation, AmNet Mortgage Inc., acquisitions
Wachovia Corporation has
announced that it will acquire AmNet Mortgage Inc. for $83
million. AmNet's board of directors has approved the proposed
merger and has agreed to recommend that the company's stockholders
vote to approve it. AmNet, which will remain headquartered in San
Diego, will operate as a wholly-owned subsidiary of Wachovia Bank
NA. The merger is expected to close in the fourth quarter of 2005.
Wachovia will also continue to originate residential mortgages and
home equity lines of credit through Wachovia Mortgage
Corporation.
The proposed merger is subject to customary conditions,
including compliance with the pre-merger notification requirements
of the Hart-Scott-Rodino Act and approval by AmNet Mortgage
stockholders.
Charlotte, N.C.-based Wachovia Corporation is a diversified
financial services company that provides banking, asset management,
wealth management and corporate and investment banking products and
services. For more information, call (800) WACHOVIA or visit www.wachovia.com.
Based in San Diego, AmNet Mortgage Inc. is a nationwide mortgage
bank that operates in the wholesale and correspondent channels. For
more information, call (888) 373-3974 or visit www.amnetmortgage.com.
