PSM Holdings Inc. (PSMH), has entered into an agreement to merge with United Community Mortgage Corporation (UCMC). At the closing, UCMC will become a wholly-owned subsidiary of PSMH and become the company's New York and New Jersey branch. The closing of the transaction is scheduled for March 15, 2011, and is subject to certain conditions, including no material changes in the business or financial condition of the entities.
"We are thrilled about this acquisition. The addition of Edward Kenmure and UCMC, which is a full-eagle mortgage banking company, will create the foundation for the future growth of our company," said Ron Hanna, president and chief executive officer of PSMH. "In addition, we are looking forward to moving into the New York and New Jersey marketplace."
Edward Kenmure, who will sit on the board of directors of PSMH, said, "I am very pleased to announce my association with PSMI and PSMH. I believe joining a larger mortgage banking network, and the public nature of PSMH, will greatly enhance my mortgage business, and I look forward to our long-term relationship."