Business & Finance
Business and Finance
Business and Finance
Tue, January 4, 2011 Gleacher & Company Launches Residential Mortgage Banking Initiative
NEW YORK--([ BUSINESS WIRE ])--Gleacher & Company, Inc. (Nasdaq: GLCH), today announced that it has launched a residential mortgage banking initiative, having completed the previously announced acquisition of ClearPoint Funding, Inc. through the Companya™s newly formed subsidiary, Descap Mortgage Funding, LLC.
"The ClearPoint Funding acquisition further expands our strong mortgage franchise and will benefit from leveraging our existing infrastructure. We are very excited about the prospects of our combined capabilities."
ClearPoint Funding is a residential, non-depository mortgage lender currently based in Marlborough, Massachusetts and is currently licensed as an independent mortgage lender in 12 states and Washington, D.C. ClearPoint Funding is a HUD Direct Endorsedlender, and currently employs approximately 100 employees.
Mark Pappas, President of the new subsidiary, is responsible for overseeing Gleacher & Companya™s interest in ClearPoint Funding and is based in the Companya™s New York City office. Greg Oa™Connor, the founder of ClearPoint Funding, is remaining with the company and will lead the overall operations effort of the mortgage lender.
aThe acquisition of ClearPoint Funding will give us an initial platform from which to build and execute a national mortgage origination strategy,a Mr. Pappas said. aFirst on our list of initiatives is a significant geographic expansion through targeted recruitment of experienced mortgage staff. We also plan to be opportunistic in terms of potential growth through acquisitions. Our overall objectives are to build a company brand by providing personalized customer service, developing a culture of funding high quality loans and utilizing our management expertise to capture significant market share in regions we deem attractive.a
Robert Fine, Head of Gleacher & Companya™s Mortgage Backed/Asset Backed & Rates Group and Chief Executive Officer of Descap Mortgage Funding, said, aStrategically, the acquisition of a mortgage bank to originate loans is a logical extension of our existing secondary mortgage and asset-backed business. The ClearPoint Funding platform will allow us to expand our product offerings to our customer base while maintaining a high degree of confidence with regard to the quality and integrity of the loans.a
Peter McNierney, Chief Executive Officer of Gleacher & Company, said, aThe ClearPoint Funding acquisition further expands our strong mortgage franchise and will benefit from leveraging our existing infrastructure. We are very excited about the prospects of our combined capabilities.a
About Gleacher & Company
Gleacher & Company, Inc. (Nasdaq: GLCH) is an independent, full service investment bank that provides corporate and institutional clients with strategic, research-based investment opportunities, capital raising, and financial advisory services, including merger and acquisition, restructuring, recapitalization, and strategic alternative analysis, as well as securities brokerage services, and, through a new subsidiary, provides residential mortgage services. For more information, please visit [ www.gleacher.com ].
Forward Looking Statements
This press release contains aforward-looking statements.a These statements are not historical facts but instead represent the Companya™s belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Companya™s control. The Companya™s forward-looking statements are subject to various risks and uncertainties, including the conditions of the securities markets, generally, and acceptance of the Companya™s services within those markets and other risks and factors identified from time to time in the Companya™s filings with the Securities and Exchange Commission. It is possible that the Companya™s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in its forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update any of its forward-looking statements.
