Accredited Home Lenders Holding Co. said it has completed a merger with subprime lender Aames Investment Corp. in which Accredited will issue 4.4 million shares of common stock and pay $77.6 million for Aames’ outstanding common stock.

The deal, approved by stockholders in September, was valued at about $340 million when it was announced in May, the Associated Press reported.

Based in San Diego, Accredited Home Lenders Holding Co. is a mortgage company operating throughout the United States and Canada, originating, financing, securitizing, servicing and selling nonprime residential mortgage loans. 

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription