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Transnational Financial Network Announced Acquisition

Transnational Financial Network, a California-based wholesale and retail mortgage banker, has announced an agreement to acquire the mortgage banking division of a large regional bank holding company.



The transaction will make the bank the largest shareholder in Transnational and double the Company'ss mortgage origination volume.



The transaction will involve the issunce of three million shares of common stock. The acquisition is expected to close by mid-September.



We get immediate and significant geographic diversification and a solid senior management team, highly motivated to grow this business, said Cheif Executive Officer Joseph Kristul. This represents the first of several mergers or acquisitions we anticipate making as part of our strategy to build a $5 billion orgination franchise.



Transnational is a wholesale and retial mortgage banker that primarily operates in the markets of Northern California, Southern California and Arizona. The company originates, funds and sells mortgage loans secured for single-family properties.



The company reported production of $50.7 million for the month of June. The wholesale channel made up $29.7 million, while $20.9 million came from retail.



Transnational was founded in 1985 and has retail offices in San Francisco and Campbell, California. Wholesale offices are located in Scottsdale, San Francisco, Costa Mesa and San Ramon.



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