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.
Source: Terme Bancorp