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Lender Lead Solutions launches reverse mortgage division
Barclays to acquire EquiFirstMortgagePress.comNon-conforming wholesale mortgage lender
Barclays Bank PLC has entered into an agreement to purchase
EquiFirst Corporation for approximately $225 million. Completion of
the transaction is expected in the first half of 2007, subject to
the receipt of the required licenses and applicable regulatory
approval.
In the third year of ownership, Barclays expects to achieve an
annual after-tax return in excess of 20 percent on the purchase of
EquiFirst. Barclays will finance the transaction out of existing
cash resources.
London-based Barclays Bank PLC is a global financial services
provider engaged in retail and commercial banking, credit cards,
investment banking, wealth management and investment management
services. For more information, visit www.barclays.com.
Charlotte, N.C.-based EquiFirst Corporation is a non-conforming
wholesale lender and subsidiary of Birmingham, Ala.-based Regions
Financial Corporation. For more information, call (800) 272-3477 or
visit www.equifirst.com.
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