Wachovia to Buy AmNet

Wachovia Corp., Charlotte, N.C., and AmNet Mortgage Inc., San Diego, have signed a definitive agreement under which Wachovia will acquire AmNet, the parent company of American Mortgage Network, for approximately $83 million ($10.30 per share) in cash.AmNet's board, with the unanimous recommendation of a special committee of independent directors, has approved the proposed merger and agreed to recommend that the company's stockholders approve it, the companies announced. "This merger gives our stockholders the ability to maximize the value of our mortgage banking business, which has been created over the last four years," said John M. Robbins, AmNet's co-founder, chairman, and chief executive officer. (Mr. Robbins is vice chairman of the Mortgage Bankers Association.) AmNet has a nationwide branch network that serves over 7,000 mortgage brokers and funded $9 billion in residential mortgage loans in 2004, according to the company. AmNet will remain headquartered in San Diego and will operate as a wholly owned subsidiary of Wachovia Bank NA after the merger. Wachovia will also continue to originate residential mortgages and home equity lines of credit through Wachovia Mortgage Corp. The companies can be found online at http://www.wachovia.com and http://www.amnetmortgage.com.