PSM Holdings Inc., Roswell, N.M., is continuing its acquisitions spree by buying Founders Mortgage of St. Louis. Founders' president Peter Gubany received 250,000 shares of PSM common stock in exchange for the equity in his company. At the stock's current value of $0.90 per share on the over the counter market, it makes the deal worth $225,000.
Founders Mortgage is five years old, has eight employees and does between $5 million and $7 million in loan production each month. It has been merged into PSM Holdings' subsidiary UCMC, which itself was acquired earlier this year.
PSM now has over 30 branches and does business in 19 states. Besides UCMC, this year the company has bought Brookside Mortgage, Tulsa, Okla.; and American Trust Mortgage, Boston.
