NAB Asset Acquires Stanwich
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IRVINE — NAB Asset Corp. said Tuesday it has acquired Stanwich Financial Services Corp. for $3.7 million in cash and future considerations.
The sellers included two directors of NAB; the company did not identify them. NAB is paying for Stanwich with its 7% notes due in 2003. Consumer Portfolio Services Inc., which owns 38% of NAB, will receive an undisclosed amount in exchange for dropping an option it held to purchase NAB shares.
NAB is in the mortgage-banking business. Stanwich helps set up plans to fund legal settlements.
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