LAKE OSWEGO, Ore., Nov. 6, 2006 (PRIMEZONE) -- Lake Oswego, Oregon based LIME Financial Services, LTD announces an agreement to acquire the Sales Staff and a commensurate portion of the Operations Staff of Meritage Mortgage Corporation.
NetBank, the parent company of Meritage, is exiting the non prime residential lending sector.
"This arrangement with NetBank allows us to capitalize on the most important of the Meritage assets, its people," said LIME Chief Executive Officer Zan Hamilton. "We are offering employment to Meritage Account Executives and will hire Operations personnel to support those AE's."
LIME President Mike Baldwin noted, "This is a great fit. Meritage has been a respected competitor with a seasoned sales force and experienced operations staff." He added, "Instead of just exiting a business NetBank focused on being a great corporate citizen and doing the right thing for employees and that's providing job opportunities and an orderly transition."
Russell Burdsall, Chief Sales and Customer Fulfillment Executive, NetBank, Inc. said, "We're pleased to make it possible for a seamless move to a new company and LIME is the right fit based on its management team, its similar programs and record of growth and success."
Andy Kimura, co-head of structured products trading at Credit Suisse, an investor in LIME, said, "The acquisition of Meritage represents a significant strategic step forward in generating growth and building shareholder value."
LIME is a wholesale non prime residential lender. LIME is currently licensed and/or funding loans in 48 states and the District of Columbia.