Complete Financial Solutions Enters into Agreement to Acquire Bank
July 02 2014 - 6:00AM
Business Wire
Complete Financial Solutions Inc. (“CFSI”) (OTC:CFSU) announced
it had entered into a material definitive agreement (“Agreement”)
with American Patriot Financial Group, Inc. (“APFG”) and its wholly
owned bank subsidiary American Patriot Bank (“Bank”), pursuant to
which CFSI acquired 23.3% of the Bank’s common stock for a purchase
price of $245,000. Under the terms of the Agreement, within nine
months of receipt of approval of a change in control by applicable
banking regulatory authorities, CFSI will purchase a controlling
interest in the Bank for an additional investment totaling
$1,050,000.
Under the terms of the Agreement, within eighteen months
following CFSI’s acquisition of control of the Bank, and subject to
compliance with applicable legal requirements, CFSI will acquire
100% of the common stock of the Bank, and purchase the outstanding
shares of APFG preferred stock for either cash or shares of common
stock.
“We are very excited to make this acquisition of a state
chartered bank with assets of nearly $73 million," stated Allen
Ringer, CEO. "This new addition to the CFSI family will allow for
further diversification and growth of our emerging financial
services company, as well as providing new revenue and
profitability channels.”
About CFSI
Complete Financial Solutions Inc. is an emerging financial
services company. Through its subsidiary companies, CFSI offers
mortgage origination and processing services in 26 states.
Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved
lender allowing ACMC to both bank and broker FHA loans. ACMC offers
a spectrum of mortgage products through a variety of correspondent
and broker relationships. Insurance Solutions Inc. offers
protection products to mortgage customers of ACMC and to the
general public. For more information, visit www.cfsi.biz.
This press release may contain forward-looking statements that
involve risks and uncertainties concerning our expected performance
and comments within the safe harbor provisions established under
The Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from the results predicted and
reported results should not be considered as an indication of our
future performance. We believe that these potential risks and
uncertainties include, without limitation: uncertainty regarding
our future revenue growth, operating results and profitability; our
business being dependent on the health of the mortgage industry;
government regulation; and the effect of industry restructuring,
higher interest rates or adverse economic conditions. Statements in
this release should be evaluated in light of these factors. We have
included a detailed discussion of certain risks and uncertainties
that could cause actual results and events to differ materially
from our forward-looking statements in the section titled “Risk
Factors,” filed with our Annual Report, posted with the OTC
Disclosure and News Service on July 22, 2013, which is available at
www.otcmarkets.com. CFSI undertakes no duty to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Complete Financial Solutions Inc.Allen Ringer,
509-462-9236CEOaringer@cfsi.bizorInvestor RelationsRich Inza,
954-251-0616rinza@cfsi.biz
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