American Home Mortgage Inc., Melville, N.Y., has signed a definitive agreement to purchase American Mortgage LLC, Sycamore, Ill., for $1.6 million in cash.American Mortgage is jointly owned by its chief executive, Bruce Madden, and American National Bank of DeKalb County, also of Sycamore. American Mortgage had a loan volume of $2.25 billion in 2002, of which 60% was wholesale, 25% retail, and 15% online, according to the company. Last year, American Home recorded volume of $12.2 billion. The purchase will include a $550 million pipeline of locked loan applications. Mr. Madden will join American Home as senior vice president.
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