Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, December 28, 1993 TAG: 9312280103
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Crestar Mortgage Corp. has signed an agreement to acquire Mortgage Capital Corp., a wholesale mortgage production company based in St. Paul, Minn. The acquisition is expected to be completed in the first quarter of 1994.
Under the agreement, Crestar Mortgage, a subsidiary of Crestar Bank, will pay $5.2 million, plus up to $2.4 million over the next five years. The precise amount will be based on a formula tied to performance by Mortgage Capital Corp.
With offices in Schaumburg, Ill.; Denver; Tampa, Fla.; and Columbus, Ohio, Mortgage Capital originates residential mortgages through brokers in selected markets nationally for resale on the secondary market.
Mortgage Capital, established in 1990, last year originated about $500 million in residential mortgages. It will be rechartered as a Virginia corporation and will operate as Crestar Mortgage Capital Corp.
- Staff report
Crestar continues taking phone bills
C&P Telephone Co., which is signing up retailers to replace banks as agents to accept payments for phone bills, said Crestar Bank is the only bank now providing the service.
Don Reid, Roanoke manager for C&P, said Monday that Crestar will accept payment of telephone bills at least through the end of July and is considering extension through the end of 1994.
C&P signed up retailers to accept payment for its bills after banks objected to installation of new equipment required by the telephone company.
The retailers in Roanoke are Parcel Express, Star Market, Econo Drug, Thriftway, Mr. Money Checkcasher, Lipes Pharmacy, Jay's Community Supermarket, Ninth Street Galaxy, E.J. Thomas Foods and Snappy Food Mart.
Others are Powell Pharmacy in Salem, Cundiff Drugs in Vinton and Shawsville Pharmacy in Shawsville. - Staff report
by CNB