Business Services Industry
GreenPoint Financial Corp. to Acquire BankAmerica Housing Services
Business Wire, April 13, 1998
SAN FRANCISCO--(BUSINESS WIRE)--April 13, 1998--BankAmerica Corporation and GreenPoint Financial Corp. today announced they have signed a definitive agreement under which GreenPoint Financial will acquire BankAmerica's manufactured housing finance business, BankAmerica Housing Services.
Under the terms of the agreement, GreenPoint Financial will acquire BankAmerica Housing Services' network of 45 offices in 31 states and loans of $800 million for a cash premium of $603 million over net tangible assets.
Completion of the transaction, which is subject to regulatory approval, is expected in the third quarter.
Related Results
BankAmerica Housing Services, headquartered in San Diego, is the second largest manufactured housing lender in the United States. GreenPoint Financial Corp., a specialty home finance company traded on the NYSE under the ticker symbol GPT, is the leading national lender in no-documentation residential mortgages.
CONTACT: Bank of America
Betty Riess, 415/622-6397
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