HOUSTON, July 20 /PRNewswire/ -- American General (NYSE: AGC) today
announced that its consumer finance subsidiary, American General Finance,
Inc., has signed a definitive agreement to acquire Residential Mortgage
Services of Texas, Inc. (RMST), a Houston-based full service mortgage
warehouse lending company, for approximately $25 million.
RMST provides short-term funding to real estate loan originators who sell
residential mortgage loans to financial institutions, including some of the
nation's largest banks. The company, which is the 18th largest mortgage
warehouse lender in the United States, is a wholly owned subsidiary of
federally chartered Houston Savings Bank.
The acquisition is consistent with American General Finance's real estate
lending strategy to expand its network of third-party residential mortgage
originators and to introduce new services to its existing origination network.
With more than $8 billion in finance receivables, American General Finance
is one of the nation's leading providers of consumer and home equity loans,
serving the needs of more than 2 million customers. The company is a
subsidiary of American General Corporation, one of the nation's largest
diversified financial services organizations with assets of $96 billion and
market capitalization of $19 billion. American General common stock is listed
on the New York, Pacific, London, and Swiss stock exchanges.
SOURCE American General Corporation
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President-Investor Relations, 212-446-3109, or Media: John E.
Pluhowski, Director-Corporate Communications, 713-831-1149, both
of American General Corporation
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