Medley Credit Acceptance Corp., a Coral Gables, Fla. company that specializes in accounts receivable financing, equipment leasing, and other types of financing, will purchase Ameritrust Holdings Inc., a Hollywood, Fla.-based mortgage banker.Ameritrust, which does both residential and commercial lending, is negotiating acquisitions in Orlando, Fla. and Cleveland. Under the terms of the agreement, Medley will acquire 80% of Ameritrust in a stock swap. The ratio is 2.75 shares of Ameritrust for one share of Medley. The remaining Ameritrust stock will be acquired at various intervals through June 30, 2000 on an earn-out tied to company profits.
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