IBB and Alliance Mortgage Company Announce Joint Marketing Agreement

Business Wire, March 12, 1999

JACKSONVILLE, Fla.--(BUSINESS WIRE)--March 12, 1999--Alliance Mortgage Company and Independent Bankers' Bank of Florida today announced that they have signed a marketing agreement for the distribution of mortgage products and services to IBB's customer banks.

John C. Wulbern, IBB's President said, "This marketing agreement will provide our customer banks with an expanded line of competitively priced mortgage products to serve their customers throughout Florida. With this new relationship, the approximately 250 banks that use IBB's services will be able to offer their customers an exciting menu of innovative mortgage products."

Under the agreement, Alliance Mortgage Company will assume responsibility for the mortgage loan processing, underwriting and closing services and operate it under the name IBB Mortgage Center. "We can bring greater efficiency, automation and economies of scale to IBB's already strong mortgage services group," said Patrick J. McEnerney, Executive Vice President of Alliance Mortgage Company. "This arrangement represents the first comprehensive program that can provide Florida's extensive senior population with access to Reverse Mortgage loans."

IBB was chartered in 1983 and is owned by community banks in Florida. IBB provides a variety of banking services to community banks located throughout Florida.

Alliance Mortgage Company, headquartered in Jacksonville, FL, is a full service mortgage company engaged in the origination, purchase, sale and servicing of first mortgages. Established in 1962, Alliance Mortgage Company is one of the oldest, privately held mortgage banking companies in the United States. Alliance Mortgage Company currently services over $8 billion in loans located throughout the United States and has lending activity covering 42 states.