Bear Stearns complets ECC deal |
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Tue, 13 Feb 2007 00:10
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NEW YORK (AP) - Investment bank Bear Stearns Companies Inc. said on Monday it completed the purchase of ECC Capital Corp.'s subprime wholesale mortgage banking division for about $26 million.The purchase price was credited against amounts due Bear Stearns, including warehouse borrowings.The deal to buy Encore Credit was originally announced in October. The unit will retain its name and operate as a separate division of Bear Stearns mortgage bank subsidiary.As part of the deal, Bear Stearns will take over the unit's operating centers in Irvine, Calif., Downers Grove, Ill. and Glen Allen, Va.Shabi Asghar, who was Encore Credit's president and co-chief executive officer, will become its president and CEO.Shares of Bear Stearns dipped $2.43 to close at $157.30, while Irvine, Calif.-based ECC Capital added 1 cent to close at 94 cents, both on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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