Another acquisition for ""PSM Holdings, Inc."":http://www.psmholdings.com/ is in the works, with the company's announcement that it has established a letter of intent to purchase ""Iowa Mortgage Professionals, Inc."":http://www.iowamortgagepro.com/ This transaction is at least the third big move for PSMH over the summer; previous deals include a June ""merger"":https://themreport.com/articles/psm-holdings-brookside-sign-merger-2011-06-13 with Brookside Mortgage, LLC, and the August ""acquisition"":https://themreport.com/articles/fidelity-and-psmi-make-merger-official-2011-08-10 of Fidelity Mortgage, Inc.[IMAGE] [COLUMN_BREAK]
PSMH will buy Iowa Mortgage Professionals via its United Community Mortgage Corp. arm, and the deal is expected to close on October 1.
Iowa Mortgage Professionals' shareholder, Randy Stevens, will gain common shares of PSMH stock in the acquisition, though additional negotiations are expected to ensue prior to the date of closure.
Des Moines-based Iowa Mortgage Professionals operates a local platform that is similar to that of national entity, PSMH, as both offer banking and brokerage services in the mortgage sector.
Jeffrey R. Smith, the president and CEO of UCMC and vice president of PSMH, said of the purchase, ""What a pleasure it is to be associated with such a high quality operation like Iowa Mortgage Professionals. Randy Stevens and his entire team will bring tremendous value to our organization. We look forward to a long and mutually beneficial relationship.""
PSMH and its wholly owned subsidiary PrimeSource Mortgage, Inc., conduct mortgage brokerage and banking services around the U.S., boasting more than 30 operational branches.