Wachovia Corporation has announced that it will acquire AmNet Mortgage Inc. for $83 million. AmNet's board of directors has approved the proposed merger and has agreed to recommend that the company's stockholders vote to approve it. AmNet, which will remain headquartered in San Diego, will operate as a wholly-owned subsidiary of Wachovia Bank NA. The merger is expected to close in the fourth quarter of 2005. Wachovia will also continue to originate residential mortgages and home equity lines of credit through Wachovia Mortgage Corporation.
The proposed merger is subject to customary conditions, including compliance with the pre-merger notification requirements of the Hart-Scott-Rodino Act and approval by AmNet Mortgage stockholders.
Charlotte, N.C.-based Wachovia Corporation is a diversified financial services company that provides banking, asset management, wealth management and corporate and investment banking products and services. For more information, call (800) WACHOVIA or visit www.wachovia.com.
Based in San Diego, AmNet Mortgage Inc. is a nationwide mortgage bank that operates in the wholesale and correspondent channels. For more information, call (888) 373-3974 or visit www.amnetmortgage.com.