E-Net’s Takeover Plans Fall Through
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E-Net Financial.Com Corp., an Irvine residential and commercial real estate financial services firm, said Monday it has canceled an agreement to acquire First Guaranty Financial Corp., a mortgage wholesale banking institution.
E-Net announced in February a tentative agreement to acquire First Guaranty. Terms were not disclosed by either company at that time, and E-Net did not say Monday why the deal fell through. First Guaranty made no public comment Monday.
E-Net’s stated strategy has been to grow its technology and Internet-based mortgage company through acquisitions and mergers. First Guaranty funded more than $500 million in California, Texas and Florida, according to E-Net’s release in February.
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