Complete Financial Solutions Enters into Agreement to Acquire Minnesota-Based Bank
09 October 2014 - 10:07PM
Business Wire
Complete Financial Solutions Inc. (“CFSI”) (OTC:CFSU) announced
it had entered into a letter of intent to purchase Northern Star
Financial, Inc. (“NSFI”) and its wholly owned bank subsidiary
Northern Star Bank (“Bank”), pursuant to which CFSI has acquired
24% of the Bank’s common stock. Under the terms of the Agreement,
CFSI will acquire 100% ownership of both entities upon approval of
a change in control application from the appropriate bank
regulators together with an investment of capital that would
improve the Bank’s Tier 1 capital to a level in excess of 8%.
“This is our second recent acquisition of a state-chartered
bank,” stated Allen Ringer, CEO. “We estimate that completing the
Bank acquisition will require an additional investment of
approximately $1,000,000. In July we purchased a 23.3% interest in
American Patriot Bank with a plan to acquire the remaining interest
over the next eighteen months. This latest acquisition is a perfect
fit for our diversification and growth strategy - it allows us to
offer products that are complementary to all our existing entities,
including American Patriot Bank.”
About CFSI
Complete Financial Solutions Inc. is an emerging financial
services company. Through its subsidiary companies, CFSI offers
mortgage origination and processing services in 25 states.
Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved
lender allowing ACMC to both bank and broker FHA loans. ACMC offers
a spectrum of mortgage products through a variety of correspondent
and broker relationships. Insurance Solutions Inc. offers
protection products to mortgage customers of ACMC and to the
general public. For more information, visit our website at
www.cfsi.biz.
This press release may contain forward-looking statements that
involve risks and uncertainties concerning our expected performance
and comments within the safe harbor provisions established under
The Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from the results predicted and
reported results should not be considered as an indication of our
future performance. We believe that these potential risks and
uncertainties include, without limitation: uncertainty regarding
our future revenue growth, operating results and profitability; our
business being dependent on the health of the mortgage industry;
government regulation; and the effect of industry restructuring,
higher interest rates or adverse economic conditions. Statements in
this release should be evaluated in light of these factors. We have
included a detailed discussion of certain risks and uncertainties
that could cause actual results and events to differ materially
from our forward-looking statements in the section titled “Risk
Factors,” filed with our Annual Report, posted with the OTC
Disclosure and News Service on May 28, 2014, which is available at
www.otcmarkets.com. CFSI undertakes no duty to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Complete Financial Solutions Inc.Allen Ringer, CEO,
509-462-9236aringer@cfsi.bizorInvestor Relations:Rich Inza,
954-251-0616rinza@cfsi.biz
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