Sutter Holding Co. Inc., San Francisco, has announced the acquisition of the capital stock of Easton Mortgage Corp. for $1.0 million in cash and $2.75 million in secured promissory notes.Sutter said it also issued warrants to acquire 60,000 shares of its common stock for $11 per share. The promissory notes, which pay interest at 4% and amortize over four-and-a-half years, are subject to adjustment in the event of a decline in Easton's earnings before interest, taxes, depreciation, and amortization over the next two years, Sutter said. Easton, a mortgage bank licensed in California, originated over $95 million in mortgages in 2002, primarily "A" rated first mortgages. Easton can be found online at http://www.eastonmtg.com.
Processing Content
