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SHEARSON FINANCIAL NETWORKS INC (U-SFNN) - News Release Shearson Net Worth Tops $40 Million
2006-10-18 09:30 ET - News Release
LAS VEGAS, NV -- (MARKET WIRE) -- 10/18/06
Shearson Financial Network (OTCBB: SFNN) and its subsidiaries Shearson Home Loans, a fast growing mortgage banker/broker, and RPT, a property information company, announced today its operating net worth has grown in excess of $40 million according to interim company prepared financial statements released to its major warehouse lenders, RFC and IMPAC. The statements also show an increase in assets to $87 million for the eight months ending 8/30/06. Typically, the Company will be able to borrow from its warehouse lenders 10 times the tangible net worth amount on its statements. The statements were released as part of ongoing compliance requirements from the Company's warehouse banks. The increase in the net worth and asset base has been due to increased branch recruitment over the last six months and recent acquisitions.
Chairman & CEO Michael A. Barron said, "Shearson continues to execute on its program of growth through acquisition and integration. We are pleased our financial condition is reaching these new highs during 2006."
About Shearson Home Loans
Shearson Home Loans is a fast-growing provider of residential mortgages. It employs over 500 people in the residential mortgage division. Shearson operates 54,000 sq. ft. of branch office space with 37 locations in 47 states. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com.
Contacts: Michael Barron Shearson Home Loans 702-868-7900
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