Merger to Spin Off Essex Mortgage Servicing

Published July 25, 2003, 2:00 p.m. EDT

1 Min Read

Southern Financial Bancorp. and Essex Bancorp, both of Virginia, have announced a merger that will spin off Essex's wholly owned mortgage subservicing subsidiary.Following the bank merger, the existing shareholders of Essex Bancorp will own 75.1% of LoanCare, Essex's servicing unit. Southern Financial will own 24.9% of LoanCare. LoanCare is a nationwide subservicer of loans for various investors. Gene D. Ross, currently chairman and chief executive officer of Essex Bancorp, will become the CEO of LoanCare.

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