PSM Holdings Inc. has announced that it has completed its acquisition of Brookside Mortgage LLC effective July 1, 2011. At closing, Brookside was merged into UCMC, a wholly-owned subsidiary of PSMI and its parent company, PSMH. The principals of Brookside, Greg Mahaney and Michael Thompson, received 800,000 shares of common stock of PSMH for their equity in Brookside Mortgage. Mahaney has also joined the board of directors of PSMH. Brookside, located in Tulsa, Okla., has been a fixture in the home lending market for many years. In 2010, it originated in excess of $120 million in loans in Tulsa, Oklahoma City and Norman, Okla.
“We are extremely pleased to complete this merger with Brookside," said Ron Hanna, president and chief executive officer of PSMH. "Greg and Mike run a very professional and profitable mortgage business, and we are delighted to have them and their team on board. We look forward to a long and prosperous relationship.”