CFSI Ends Efforts to Acquire Minnesota Bank
16 January 2015 - 7:00AM
Business Wire
Acquisition of Tennessee Bank Still
Proceeding
Complete Financial Solutions Inc. (“CFSI”) (OTC:CFSU) announced
it ended its efforts to purchase Northern Star Financial, Inc. and
its wholly owned bank subsidiary Northern Star Bank (“Bank”).
Meanwhile, efforts to acquire a controlling interest in
Tennessee-based American Patriot Bank were still proceeding.
The Minnesota Department of Commerce closed Northern Star Bank
on December 19, 2014 and appointed the Federal Deposit Insurance
Corporation (FDIC) as Receiver. The FDIC announced on January 5,
2015 that all deposit accounts had been transferred to BankVista,
Sartell, MN.
“We made a good faith investment in Northern Star Bank as part
of our signed Letter of Intent to acquire the Bank,” stated Allen
Ringer, CEO of CFSI. “With the decision of state regulators to go
in the direction of receivership, we were unable to complete the
acquisition. We have applied to the FDIC for reimbursement of our
initial investment in the Bank. We continue to pursue our efforts
to acquire a state-chartered bank in Tennessee.”
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,
509-462-9236CEOaringer@cfsi.bizorRich Inza, 954-251-0616Investor
Relationsrinza@cfsi.biz
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