Pelican Financial Inc., Ann Arbor, Mich., has announced that the proposed spinoff of its wholesale mortgage banking subsidiary, Washtenaw Mortgage Co., has been cleared by the Securities and Exchange Commission.As of the close of business Dec. 31, Washtenaw will become a wholly owned subsidiary of a new public company, The Washtenaw Group, and Pelican stockholders will receive identical holdings in the mortgage company, Pelican said. From Dec. 22 to Dec. 31, Washtenaw Group shares will trade on a "when issued" basis to enable the market to establish the value of the spinoff, Pelican said. Pelican Financial will continue as the bank holding company for Pelican National Bank, a community bank based in Naples, Fla.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23