Terme Bancorp’s Subsidiary to Become a Branch of Leading Chicago-Based Mortgage Banker, Silvercreek Finance Corp.
13 May 2014 - 11:15PM
Access Wire
SUMMIT, IL / ACCESSWIRE / May 13,
2014 / Terme Bancorp (OTC: TMEB), a
holding company specializing in money services and consumer
behavior initiatives, today announced that it has entered an
agreement to acquire 9.99% of Silvercreek Finance Corp., a
Chicago-based mortgage banker that offers mortgage lending, banking
and brokerage as well as commercial finance services.
The Company’s wholly owned subsidiary, Terme Mortgage, Inc.,
will now conduct business as a branch of Silvercreek Finance, which
provides efficient financial solutions to consumers looking to
purchase new property or refinance their existing mortgage loans.
The company specializes in serving the area’s Hispanic community
and is rated one of the top mortgage companies in Chicago for quick
pre-approvals and fast closing turn times by its real estate
partners.
Silvercreek Finance provides competitive rates and fees,
including its OnTheHouse™ and other specialty programs that offer a
true no-closing cost transaction to qualified borrowers looking to
refinance their existing home mortgage loan. The company funds real
estate transactions of all types and sizes as a mortgage banker and
has access to direct lending platforms, in-house underwriting and
risk management solutions.
Terme Bancorp’s CEO, John G. Yedinak, stated, “Silvercreek
Finance is a successful mortgage banking operation that shares the
same mission as Terme which is to generate significant revenues
while providing economic inclusion to a rapidly growing market of
consumers that are denied mainstream banking and other financial
services. We expect to quickly increase revenues from our mortgage
division, which will now do business as and have access to
Silvercreek’s superior lending, banking and brokerage services and
programs.”
About Terme Bancorp.
Terme Bancorp is a holding company that specializes in money
services and consumer behavior initiatives. The Company currently
has three subsidiary companies, Terme Capital, Inc., Terme
Mortgage, Inc. dba Silvercreek Finance Corp. and Terme Medical
Ventures, Inc. For more information please visit:
http://www.termebancorp.com/.
Safe Harbor Statement
This release includes forward-looking statements, which are
based on certain assumptions and reflects management's current
expectations. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results
or events to differ materially from current expectations. Some of
these factors include: general global economic conditions; general
industry and market conditions, sector changes and growth rates;
uncertainty as to whether our strategies and business plans will
yield the expected benefits; increasing competition; availability
and cost of capital; the ability to identify and develop and
achieve commercial success; the level of expenditures necessary to
maintain and improve the quality of services; changes in the
economy; changes in laws and regulations, including codes and
standards, intellectual property rights, and tax matters; or other
matters not anticipated; our ability to secure and maintain
strategic relationships and distribution agreements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
888-959-7095
ir@sealpointconsulting.com
Source: Terme Bancorp
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