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FSCM Bank acquires Milestone Mortgage

May 07, 2010

First Southern Capital Mortgage Bank (FSCM Bank) has announced the signing of a definitive agreement with Aviation Mortgage Partners Inc. (AMP) of Manhattan Beach, Calif., a retail mortgage originating firm established in their market for over 10 years, for the acquisition of AMP’s Milestone Mortgage division. The acquisition is projected to increase FSCM Bank’s retail loan production by over $360,000,000 over the next 12 months. “The addition of Milestone Mortgage is consistent with FSCM Bank’s ongoing strategy of building quality originations both through strategic acquisitions and organic growth," said Emile Auguste Jr., chief financial officer for FSCM Bank. "I am pleased to welcome Milestone’s team of highly qualified loan officers, managers and operations staff into our corporate family.” FSCM Bank, a division of First Southern Capital Development Corporation, is a premier provider of national and international real estate funding and mortgage banking. FSCM Bank’s services are primarily focused on providing and expanding the broad and competitive range of mortgage products and options aimed at meeting the financial and mortgage needs of their ever growing customer base throughout much of the United States. This press release contains forward-looking statements that involve a number of risks and uncertainties, including, but not limited to: statements regarding the proposed acquisition, future market opportunity and future financial performance. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including changes in values and the market, economic conditions, regulatory changes, changes in interest rates, substantial changes in financial markets, our ability to manage growth, market acceptance and market demand of products and services and other factors as may be discussed from time to time.  
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