hawaii mortgage

BankAmerica Increases Its Share of Hawaii Mortgage Market Through Acquisition of Honolulu Mortgage Co

HONOLULU--(BUSINESS WIRE)--Jan. 17, 1997--BankAmerica Corp. today announced a definitive agreement through which BankAmerica Mortgage will purchase substantially all assets and operations of Honolulu Mortgage Co. -- the largest mortgage company in Hawaii. Terms of the transaction were not disclosed. The agreement is subject to regulatory approval and is expected to close during the first quarter of this year.

The acquired business will become part of BankAmerica Mortgage -- one of the nation's largest mortgage lenders. BankAmerica Mortgage said it plans to continue operating the business under the Honolulu Mortgage Co. name. Local managers at Honolulu Mortgage will continue to play a key role in Hawaii lending decisions and local strategic planning.

Honolulu Mortgage Co., which was founded in 1954, is a subsidiary of HomeSide Lending Inc., a Jacksonville, Fla.-based company owned by Barnett Banks Inc., Bank of Boston and other investors.

"This acquisition makes BankAmerica one of the top mortgage lenders in Hawaii, and it fits in well with our national growth strategy for the mortgage business," said Arthur D. Ringwald, group executive vice president of BankAmerica Mortgage.

"Honolulu Mortgage Co. has a successful track record and strong presence in the Hawaii marketplace," Ringwald said. "The company's more than four decades of experience with Hawaii's diverse cultures will prove extremely valuable as we move forward as one of the state's top mortgage lenders."

Honolulu Mortgage Co. had approximately $300 million in home loan originations in 1996. As of Dec. 31, 1996, Honolulu Mortgage had a $1.93 billion mortgage servicing portfolio. The company originates mortgages throughout the Hawaiian Islands via retail offices, builders/new housing projects, and a wholesale lending operation. Honolulu Mortgage operates two mortgage origination offices on Oahu, a satellite origination office in Kauai, and a mortgage servicing facility in Honolulu.

San Francisco-based BankAmerica Corporation, the nation's third largest bank holding company, originates home loans through branch offices of its retail banking network in 11 states and through its site on the World Wide Web located at http://www.bankamerica.com . BankAmerica Mortgage also originates home loans through retail lending centers in 19 states, as well as wholesale lending and telemarketing operations which serve all 50 states and the District of Columbia. Additional specialized loan origination units serve the realty, builder, corporate relocation, and affinity relationship markets throughout the United States.

With $15.77 billion in home loan originations during 1996, BankAmerica Corporation is one of the largest mortgage originators in the United States. As of Dec. 31, 1996, BankAmerica also had a mortgage servicing portfolio of $82.63 billion.

BankAmerica Corporation also does business in Hawaii through Bank of America Hawaii, which operates 41 branches on four islands with the longest hours in the state and more than 160 ATM locations. Convenient services include full-service supermarket banking seven-days-a-week and Loan by Phone(TM).

CONTACT: Bank of America, San Francisco

Jeff Hershberger, 415/622-0870

Pager, 800/759-7243

PIN No. 4855864

or

McNeil Wilson Communications, Honolulu

Patrick Dugan, 808/531-0244

COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group