Bloomfield Financial Services Corporation to Acquire Avondale Mortgage Corporation
(PRWEB) May 24, 2004
Bloomfield Financial Services Corporation (BFSC), an independent retail mortgage banking company, today entered into a definitive agreement to acquire Avondale Mortgage Corporation.
In line with the company’s acquisition strategy, the purchase of Avondale Mortgage is expected to immediately boost earnings and significantly expand BloomfieldÂ?s market share.
The acquisition of Avondale is expected to close within 30 days.
Commenting on the acquisition, John Morelli, Chairman and CEO of Bloomfield Financial Services said, “The acquisition is projected to achieve three targeted acquisition synergies: reduction in duplicative costs, greater prices for sales of loan production and additional marketing capabilities to Avondale MortgageÂ?s sales force via BloomfieldÂ?s existing capabilities. We are excited about working with the exceptional Avondale Mortgage staff and management, which made them such an attractive partner. We are convinced that BloomfieldÂ?s scale and strengths combined with AvondaleÂ?s successful retail model will further our industry leadership position.”
About Bloomfield Financial Services Corporation:
Bloomfield Financial Services Corporation is an independent retail originator of residential mortgage loans both online and offline. Its online operation, BloomfieldMortgage.com is a leader in online closed loan volume, and has outperformed its online competitors in terms of profitability. Offline, the company has grown organically and by acquisition. For additional information, please visit the company’s Web site at http://www.bloomfieldmortgage.com.
Contact: Investors
John Morelli
Bloomfield Financial Services Corporation
360-23 W. Schick Road
Bloomingdale, Illinois 60108
Telephone: (877) 895-1500
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