"AmNet's nationwide broker network and strong mortgage origination capabilities are natural complements to our market-leading structured products business," said Curtis Arledge, managing director and head of the Fixed Income division for Wachovia Securities. “This acquisition creates enhanced opportunities for revenue generation in our securities business. We are pleased to welcome our AmNet colleagues on board.”
“I am pleased that the AmNet board of directors was able to deliver value to our stockholders by closing the merger with Wachovia,” said John M. Robbins, AmNet Mortgage’s co-founder and chief executive officer. “The AmNet team is excited about our future and proud to join the Wachovia family. Wachovia’s resources will bring AmNet new opportunities for growth and profitability. Our journey to be among the top wholesale bankers in the nation has begun.”
Under the terms of the acquisition, former AmNet stockholders will be paid $10.30 per share in cash upon surrender of their shares in accordance with procedures to be provided.
AmNet has a nationwide branch network that serves more than 7,000 mortgage brokers and specializes in a variety of residential mortgage products. In 2004, AmNet funded $9 billion in residential mortgage loans and is expected to fund $14 billion – $15 billion in 2005. Mr. Robbins will continue to serve as AmNet’s chief executive officer and will report to Randy Robertson, managing director of the residential and consumer mortgage group in Wachovia Securities’ Fixed Income division.
For more information about AmNet, please visit www.amnetmortgage.com.
Wachovia will continue to originate residential mortgages and home equity lines of credit through Wachovia Mortgage Corp., which offers a full array of first mortgage and home equity products and services for home purchase and refinance. The company serves low-to-moderate, middle market, and wealth customers with mortgages nationwide.
About Wachovia’s Corporate and Investment Banking Group
Wachovia's Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income, equities, and research) operate under the Wachovia Securities’ brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring, research and execution services. Wachovia's Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S. as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients.
Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM’s affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $532.4 billion, market capitalization of $73.9 billion and stockholders' equity of $46.8 billion at September 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,138 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 702 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through wachovia.com.
