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Wachovia Acquires Remaining Stake in Agency Multifamily Mortgage Lender AMI Capital Deal makes Wachovia one of 27 Fannie Mae DUSTM lenders CHARLOTTE, N.C. - Wachovia Bank N.A. announced today that it has acquired AMI Capital Inc., a commercial real estate lender dedicated to originating and servicing multifamily mortgage financing through Fannie Mae's Delegated Underwriting and Servicing (DUSTM) program and the U.S. Housing and Urban Development's FHA-insured lending program. Terms of the deal were not disclosed. Wachovia last year acquired a significant minority stake in Bethesda, Md.-based AMI Capital, which has originated more than $4.5 billion in multifamily loans since 1991. The purchase of AMI results in Wachovia's recognition as one of 27 designated Fannie Mae DUS lenders providing multifamily financing, said Steve Jones, Managing Director in charge of Strategic Investments for Wachovia's Real Estate Capital Markets unit. "By acquiring full ownership of AMI, we are following through on a commitment to be a more meaningful player for multifamily clients nationwide, and to the commercial and multifamily mortgage servicing sector," Jones said. "We view DUS and agency lending as an important addition to Wachovia's product line, and we are truly looking forward to having the AMI team join us." Wachovia ranks as one of the nation's largest capital providers and advisors to the commercial real estate sector, delivering more than $24.4 billion in capital to the industry in 2002. Wachovia is one of the top three real estate lenders in the country with more than $30 billion in loan commitments, and serves commercial real estate clients through its Wachovia Securities investment banking and Wachovia Bank N.A. subsidiaries. About Wachovia Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at September 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com. Wachovia Securities is the trade name for (i) the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member NYSE, NASD, SIPC.; and (ii) two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC. Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, WBNA, or any bank; and involve investment risk, including possible loss of principal. |
About Wachovia