ITLA Capital Corporation Announces Agreement With Fannie Mae
February 23 2005 - 5:49PM
PR Newswire (US)
ITLA Capital Corporation Announces Agreement With Fannie Mae LA
JOLLA, Calif., Feb. 23 /PRNewswire-FirstCall/ -- ITLA Capital
Corporation (NASDAQ:ITLA) announced today that its wholly-owned
banking subsidiary, Imperial Capital Bank ("ICB" or "the Bank"),
signed a loan purchase and servicing agreement with Fannie Mae
(NYSE:FNM). Under the agreement, the Bank will originate small,
fixed rate multifamily loans with 5-, 7-, 10- and 15-year terms for
sale to Fannie Mae as a Fannie Mae-approved M-Flex(TM) Lender. ICB
will originate these loans, along with its existing array of
multifamily and commercial real estate loans, through its national
network of loan production offices. "We are excited about our new
relationship with Fannie Mae," said ITLA's President and Chief
Executive Officer, George W. Haligowski. "The small multifamily
fixed rate loans, to be originated by the Bank and sold to Fannie
Mae, will give the Bank's customers a competitive financing
alternative, in addition to our longstanding and successful
adjustable rate multifamily and commercial real estate loan
products. ICB will also service these loans sold to Fannie Mae.
Haligowski concluded: "Last year, ICB secured a primary servicer
rating from Fitch Ratings to take advantage of third party
servicing opportunities. ICB's goal of utilizing this servicer
rating, while expanding its product line has now come to fruition
with the penning of this Fannie Mae relationship. This is a
fantastic diversification and growth opportunity for ICB, and we
look forward to bringing this multifamily fixed rate product to
market." "Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This release contains forward
looking statements that are subject to risks and uncertainties,
including, but not limited to, changes in economic conditions in
the Company's market areas, changes in policies by regulatory
agencies, the impact of competitive loan products, loan demand
risks, the quality or composition of the loan or investment
portfolios, increased costs from pursuing the national expansion of
our small balance multifamily lending platform and operational
challenges inherent in implementing this expansion strategy,
fluctuations in interest rates, and changes in the relative
differences between short and long term interest rates, levels of
non-performing assets, and operating results, the economic impact
of terrorist actions and other risks detailed from time to time in
the Company's filings with the Securities and Exchange commission.
The Company cautions readers not to place undue reliance on any
forward-looking statements. The Company does not undertake and
specifically disclaims any obligation to revise any forward-
looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements. These risks could cause the Company's actual results
for 2005 and beyond to differ materially from those expressed in
any forward looking statements by, or on behalf of, the Company.
ITLA Capital Corporation is the largest financial services company
headquartered in San Diego, California, and conducts its operations
through Imperial Capital Bank and Imperial Capital Real Estate
Investment Trust. Imperial Capital Bank has seven retail branch
locations and thirty-one lending offices located in California,
Nevada, Arizona, Texas, the Southeast, the Mid Atlantic states, the
Metro New York area, and New England. For further information,
please contact Timothy M. Doyle, Senior Managing Director and Chief
Financial Officer of ITLA Capital Corporation, +1-858-551-0511.
DATASOURCE: ITLA Capital Corporation CONTACT: Timothy M. Doyle,
Senior Managing Director and Chief Financial Officer of ITLA
Capital Corporation, +1-858-551-0511 Web site:
http://www.itlacapital.com/
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