Finance American – California-based American Pacific Mortgage has taken on about half of the recently laid off Finance of America employees and about 40 of its offices, APM’s chief executive said.
The absorption of some of FOA’s APM offices took place over the past month after the Texas-based lender announced its exit from retail and wholesale. Technically, the move is not a merger or acquisition because no money was exchanged.
Finance American
FOA declined to comment, and a spokesperson said it was the company’s policy “not to comment on rumors or market speculation.”
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“We don’t really buy anything, like their liabilities,” the source said. “Essentially, we get the benefit of getting all of their products, but we don’t buy the company.”
“We are working with the lender to see what they will allow us to keep,” the APM executive said. “We’re moving phones, ISPs, printers, scanners, network equipment, computers, but since they’re closing, it’s a little bit easier because they’ll let us take some of their stuff.”
A quick LinkedIn search reveals that about three dozen FOA employees have switched to AMP in the past couple of weeks. Most of the former FOA employees who have transferred are on the West Coast.
Graham Fleming, CEO of Finance of America, acknowledged last week that the decision to withdraw from forward sources will have an impact on FOA employees.
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“We are providing support and resources to help our departing employees find employment opportunities and are actively working to facilitate the transition of many of these employees to work with other mortgage lenders,” he said.
An APM executive said they were one of the first lenders contacted by FOA to try to employ workers and “it allowed APM to get in front of manufacturers because our cultures are very similar”.
This isn’t the only time APM is hiring in bulk from a struggling store. In 2014, Guarantee Mortgage and its 120 employees joined AMP. The build shop kept its name but was integrated with American Pacific Systems.
At the time, Kurt Reisig, APM’s chairman, said the California-based lender was growing by adding smaller independent stores and benefiting from a larger operation. The economic crisis of 2008 led to an unprecedented focus on the world of high business. of finance—and found them to be far more mysterious and influential than most people could imagine. It is clear that any hope of avoiding future crises depends on understanding finance itself.
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However, to understand finance, we must study its history, and this book fills that need. Kevin R. Brine, an industry veteran, and Mary Poovey, a noted historian, show that finance as we know it today emerged gradually in the late nineteenth century and coalesced only after World War II, becoming increasingly complex—and increasingly central to the American economy. The authors explain the models, regulations, and institutions at the heart of modern finance and reveal the complex and sometimes surprising origins of critical features such as corporate accounting standards, the Federal Reserve, risk management techniques, American Keynesianism, and the New Classics. monetary economy. This book examines finance through its ups and downs, from the pre-Deion period to the post-recession period, exploring the many ways in which the practice of finance and the realities of the economy have influenced each other over the years.
A collaborative masterpiece, Finance in America unpacks the theories and practices that make up finance, opening the debate about its role and risks to a wide range of scholars and citizens.
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“A very outstanding scientific achievement. In Finance in America: An Unfinished Story, Kevin Breen and Mary Poovey place the development of economic and financial theory in the United States in its historical and institutional context. In addition, they highlight the interdependent relations of the “real” and “financial” sides of the economy. This is of great importance and is a long overdue commitment to intellectually building the much needed bridge between the realms of economic and financial theorizing. Essential reading for anyone interested in the current history of American finance.”
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“Few questions are more important than whether and how the economy and its financial system are visible. All readers with a serious interest in this problem will benefit from Breen and Poovey’s remarkably comprehensive history.”
“The authors of this book are non-academic Wall Streeters and non-economists, respectively, but the text is nevertheless of considerable interest to economists and, in particular, to economic historians…the overall effect is to understand how economics and finance , presented in modern textbooks as the subject of logical work of a closed mathematical model, actually arose not only in fragments, but, more importantly, in concrete practice.
1 The beginning of American finance at the beginning of the 20th century: the rise of the American corporation and the creation of the Federal Reserve System
Get the latest updates on new releases, special offers and media highlights by subscribing to our mailing lists! NEW YORK, September 7, 2016 // –American Finance Trust, Inc. (“AFIN”) announced today that special A committee of the board of directors unanimously approved the acquisition of all of the common stock of American Realty Capital – Retail Centers of America, Inc. (“RCA”) for approximately $1.4 billion, payable in a combination of AFIN common stock and cash plus the assumption of certain debt. This transaction creates a leading diversified retail-focused REIT with an enterprise value of approximately $3.9 billion.
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. The deal increases AFIN’s scale by combining two complementary U.S. real estate portfolios consisting of 494 properties with a total of 20.8 million rentable square feet, while improving the Company’s capital structure and generating accretion to AFIN’s funds from operations per share in 2017.
A special committee of AFIN’s board of directors, consisting of independent members of the board of directors, was formed to evaluate the proposed transaction and approved the transaction, subject to the approval of AFIN stockholders and RCA stockholders.
Michael Weil, Chief Executive Officer of AFIN, commented: “We are pleased to announce today’s transaction, which will combine two high-quality real estate portfolios and create a best-in-class diversified REIT with a retail focus. The combination of AFIN and RCA will help the Company achieve critical scale, improve access to capital markets, generate significant cost savings for shareholders and increase our distribution reach. For AFIN, today’s announcement is a key step forward in our revenue growth plan.”
David M. Gong, AFIN’s lead independent director, explained: “AFIN’s board of directors has formed a special committee comprised of independent board members to evaluate potential strategic transactions. In addition, it empowered the special committee to negotiate the terms of any transaction the committee decided to proceed with. The special committee believes that the merger of the two companies will significantly increase the shareholder value.”
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Increased size, improved access to capital markets and enhanced liquidity parameters: The combined company will be a leading diversified retail-focused REIT with an enterprise value of approximately US$3.9 billion.
Improves capital structure: AFIN will have a lower level of leverage with a manageable short-term debt maturity and sufficient short-term liquidity. The improved capital structure also provides AFIN with a strong balance sheet for further growth and acquisitions.
Creates an Active Transaction: The transaction is expected to be accretive to AFIN’s funds from operations per share in 2017 and to enhance the Company’s distribution reach.
Expands Tenant Diversification: The addition of RCA’s retail portfolio will expand AFIN’s retail tenant base and reduce the concentration of AFIN’s top 10 tenants to 48% from 75% on a straight-line annual rent basis as of June 30, 2016.
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Significantly reduces fees and creates significant synergies: $10.9 million in annual savings expected in 2017 with $6.1 million in asset management fee savings and $4.8 million in general and administrative expenses. Reduction of the commission for the management of the future raised capital.
Creates an Internalization Option: Creates a defined management internalization option under the AFIN Advisory Agreement that benefits the shareholders of both companies.
Under the terms of the deal, RCA shareholders will receive 0.385 of AFIN common stock and $0.95 in cash for each RCA common share they own. Upon closing, RCA shareholders will own approximately 37% of the combined company. Approximately 90% of the equity component of the deal is expected to be tax-free to shareholders.
The merger agreement also provides RCA with an ordering period during which RCA will have the right to actively seek alternative offers from third parties for a period of 45 days. The merger agreement provides that RCA will pay AFIN a termination fee of $5.1 million if RCA terminates the merger agreement in connection with a superior offer that occurs no later than fifteen days after the end of the merger period.
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AFIN will add two independent directors who will be appointed by RCA’s board of directors
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