ebank, Madison Launch ebank Mortgage

Atlanta-based ebank Financial Services Inc., a thrift holding company and the parent of ebank, has announced an agreement with Madison Mortgage Corp. to establish ebank Mortgage LLC, an Internet-based mortgage lender.The new lending operation plans to originate first and second mortgage loans and home equity lines of credit via the Internet beginning on or around June 1, ebank Financial said. "By launching ebank Mortgage LLC, we'll have the opportunity to leverage ebank's Internet banking technology and federal charter by combining it with Madison Mortgage Corp.'s processing and servicing infrastructure to become a highly competitive mortgage lender across the entire country," said Lou Barrette, president of ebank Mortgage. The new company is 51% owned by ebank and 49% owned by Madison Mortgage. The parent company can be found online at http://www.ebank.com.