CHICAGO--(BUSINESS WIRE)--Aug. 30, 1999--
As part of its continuing national growth strategy, Prism Financial Corporation (NASDAQ: PRFN), one of the nation's largest retail mortgage originators, has reached an agreement to acquire Valley Financial Corp., a leading mortgage banker and broker in northern California.
The addition of Valley Financial, which originated .5 billion in mortgage loans last year, will greatly increase Prism's presence in the key west coast region. Another Prism partner in the region is Point Richmond, Calif.-based Pacific Guarantee Mortgage Corp., the largest mortgage broker in the country prior to its acquisition by Prism last year.
"The Valley acquisition will represent an important strategic step in our national expansion plan," said Bruce Abrams, chairman and chief executive officer of Prism. "We are excited to further expand our presence in the northern California area and are delighted to have found a premier player to join our team. Like us, Valley has a strong culture of teamwork and loan officers who are committed to superior customer service."
Valley Financial of Alamo, Calif., has 12 offices in northern California and Las Vegas and employs 170 people. It will continue to operate under the Valley Financial brand name. Clark Donley will remain as president and chief executive officer of Valley and Mark Vanderveen will remain as chief operating officer.
Valley, which was founded in 1996, has been part of the National Bank of the Redwoods of Santa Rosa, Calif. Valley plans to continue to provide mortgage services to the bank's customers.
For Valley, the alliance will mean greater opportunities from Prism's strong national operation, its leading-edge use of technology and e-commerce and its greater access to resources. "We are excited by the benefits of bringing Prism's extremely broad product selection, highly competitive rates and financial strength to Valley Financial," said Clark Donley. "We feel that this winning combination of our two companies will ensure our continued growth and allow us to take advantage of new business opportunities."
Valley's branch offices will enhance Prism's dominance in the Durham loan money quick California market. Pacific Guarantee Mortgage, a Prism subsidiary, has more than 50 branches in California.
Valley Financial will be Prism's ninth acquisition of a mortgage banking company within the last four years. The Valley acquisition continues Prism's plan to pursue a three-pronged growth strategy of internal development, acquisitions with carefully chosen partners and relationships with Internet mortgage web companies. Prism's goal is to offer its high-service, low-cost business model to more customers in all markets across the country.
About Prism Financial Corporation
Prism Financial Corporation is a leading national retail mortgage banking company that originated more than billion in loans in 1998, making it the 11th largest retail originator in the country. Based in Chicago, Prism is nationally licensed, with more than 1,000 loan officers in 24 states. Prism operates through more than 150 retail branches as well as through partnerships with major Internet companies. Prism's lines of business include a growing e-commerce and Durham loan money quick ancillary services divisions. Prism Financial's common stock trades on NASDAQ under the ticker symbol PRFN. Prism Financial's subsidiaries include Prism Mortgage Company of Chicago; Pacific Guarantee Mortgage Corp. of Point Richmond, Calif.; Mortgage Market Inc. of Lake Oswego, Ore.; First City Financial Corp. of Englewood, Colo.; and PointSource Financial LLC of Dallas, Texas.
Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release may contain forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, including those identified below, which could cause future results to differ materially from historical results or those anticipated. The words "believe," "expect," "anticipate," "intend," "estimate," "goals," and other expressions which indicate future events and trends identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates, and if no date is DURHAM LOAN MONEY QUICK provided, then such statements speak only as of today. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The following factors, as well as those Durham loan money quick disclosed in its prospectus filed as part of its registrations statement (33-74883) filed with the Securities and Exchange Commission, could cause future results to differ materially from historical results or those anticipated: (1) the level of demand for mortgage credit and ancillary services, which is affected by such external factors as the level of interest rates; (2) the direction of interest rates; (3) the relationship between mortgage interest rates and the cost of funds; (4) federal and state regulation of the Company's mortgage banking and ancillary service operations; and (5) Durham loan money quick competition within the mortgage banking and various ancillary service industries.
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