NetBank acquires Market Street Mortgage

US Internet pure play bank, NetBank, is to acquire Florida-based Market Street Mortgage. Financial terms of the agreement have not been disclosed.

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NetBank acquires Market Street Mortgage

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The acquisition is scheduled to be completed in the second quarter once regulatory approvals are received. The mortgage lender's existing management team will continue to oversee the day-to-day operation of the business.

D R Grimes, NetBank chief executive officer, says: "A mortgage company will provide us with a steady stream of varied loans to consider as investment options, and the loans will carry more favourable margins than ones purchased on the secondary market."



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