Inman

Wachovia acquires AmNet Mortgage

Wachovia Corp. on Monday announced that it has completed its acquisition of AmNet Mortgage Inc., the parent company of American Mortgage Network (AmNet), a wholesale mortgage banker.

AmNet will retain its name and San Diego headquarters and will operate as a wholly owned subsidiary of Wachovia Bank, N.A.

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’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.”

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 between $14 billion and $15 billion in 2005. John M. Robbins, AmNet Mortgage’s co-founder and chief executive officer, will continue to serve as AmNet’s CEO and will report to Randy Robertson, managing director of the residential and consumer mortgage group in Wachovia Securities’ Fixed Income division.

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.

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