PSM Holdings Inc. (PSMH) has announced that it has signed a Letter of Intent (LOI) to acquire Brookside Mortgage LLC, a mortgage banking and brokerage company based in Tulsa, Okla. Under the terms of the LOI, Brookside Mortgage will be acquired by UCMC, a wholly owned subsidiary of PrimeSource Mortgage Inc., a wholly-owned subsidiary of PSMH. Upon the closing of the transaction, Brookside's two major shareholders will receive common shares of PSMH. This acquisition will further expand the company's national retail footprint.
Closing of the transaction is subject to further negotiations and the execution of a definitive agreement between the parties. The closing is scheduled for June 1, 2011.
Ron Hanna, president of PSMH, said, "We are extremely pleased to bring into our organization such a high-quality mortgage company. Brookside has been a fixture in the Tulsa market for many years and I look forward to a long and prosperous relationship."