Bank of America Completes Acquisition of Reverse Mortgage Business of Seattle Mortgage Company
For Immediate Release: June 29, 2007
Purchase enhances Bank of America’s leadership position in providing financial solutions for seniors
CHARLOTTE - Bank of America today announced that it has completed its acquisiton of the reverse mortgage business of Seattle Mortgage Company, an indirect subsidiary of Seattle Financial Group, Inc. Seattle Mortgage had marketed its reverse mortgages under its division name, Reverse Mortgage of America.
“Today’s baby boomers desire financial independence but often lack the savings to stay in their homes and fully enjoy their retirement years,” said Floyd Robinson, president of Bank of America Consumer Real Estate and Insurance Services Group. “Now they can turn to Bank of America, the nation’s largest consumer bank and trusted financial partner to more than 50 million consumer households, for the expertise and service capability to meet their financial needs.”
"Seattle Mortgage has been the gold standard in the reverse mortgage industry. We are excited about the opportunity to now integrate their sales and service expertise with our superior distribution and delivery platform," said Colin McCormick, Reverse Mortgage Product executive.
Approximately 350 Seattle Mortgage associates will join Bank of America, including a retail sales force of more than 150 sales associates in 25 states and the District of Columbia. John Nixon, formerly executive vice president and COO of Reverse Mortgage of America, is now Bank of America’s reverse mortgage origination executive.
“Our sales and service teams are excited about joining Bank of America, the nation’s premier consumer financial services organization,” Nixon said. “We now have the distribution and delivery power to reach more seniors who are actively seeking innovative financial solutions to meet their retirement needs. We also expect to expand our commitment to the wholesale channels by providing them with even more innovative products in the coming year.”
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, through more than 17,000 ATMs and award-winning online banking with more than 21 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more information contact:
Terry Francisco
Senior Vice President
704.516.0231 (mobile
Terry.h.francisco@bankofamerica.com
www.bankofamerica.com
