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Southern Financial Merger with Essex Spins Off Subservicing Unit.(Brief Article)
When Southern Financial Bancorp here announced a merger with Essex Bancorp, the deal contained a provision to spin-off Essex's subservicing unit, Essex Home Mortgage Servicing Corp., better known as LoanCare.
Under the stock-for-stock deal, the merger will result in a bank with total assets of $1.5 billion and a network of 32 banking branches concentrated in Virginia, with a small presence in the District of Columbia and North Carolina.
The spinoff does not mean that Southern Financial will no longer have a stake in the subservicer, however.
Following the merger, the existing shareholders of Essex Bancorp will own 75.1% of LoanCare. Southern will own the rest of the shares.
Representatives from Southern were not ...
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Source: HighBeam Research, Southern Financial Merger with Essex Spins Off Subservicing...