American Home Mortgage Investment Corp. to acquire Flower Bank
Long Island Business News, Aug 21, 2006 by Dawn Wotapka Hardesty
To give it a storefront and a public presence, American Home Mortgage Investment Corp. will acquire Flower Bank fsb from Umbrella Bancorp Inc., the companies announced Monday.
If the deal is approved by regulators, American Home Mortgage expects to record about $16 million of goodwill for acquiring Flower Bank, which operates a Chicago office and, as of June 30, had $43.7 million in assets. The purchase should not affect financials for several years, Melville-based American Home Mortgage said.
The company aims to offer banking products to American Home customers and the public. Flower will not be combined with American Home, which had second-quarter net earnings of $72.4 million, up 10.5 percent from a year ago.
Shares of American Home (NYSE: AHM) dipped seven cents to trade at $32.76 per share Monday morning.
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