The deal, scheduled to close by April 15, will allow Lahaina to focus on its remaining mortgage brokerage business, United Capital Mortgage Corp., the company says in a prepared statement.
The selling price comprises $1.77 million in new American Mortgage Services Inc. preferred stock and a $2.26 million debt owed to Lahaina. Lahaina will retain 9.9% ownership of AMSI after the sale which is scheduled to close by April 15.
Lahaina operates a multi-state banking operation through wholly owned subsidiaries United Capital Mortgage Corp. and Cross Keys Capital Corp. Lahaina also has an online mortgage business.
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