SN Capital Markets, LLC Acquires Assets of Matrix Bancorp Trading, Inc.
DENVER -- As announced on April 3, 2006, Matrix Bancorp Trading, Inc. ("MBT"), a subsidiary of Matrix Bancorp, Inc. (NASDAQ:MTXC), has sold substantially all of its assets to SN Capital Markets, LLC ("SN Capital"), which is owned by Security National Holding Company ("SNHC," Eureka, CA) and Mr. Chris Rooker, former president of MBT. The resultant newly formed limited liability company consists of 38 former MBT employees and other personnel as hired for expected new business opportunities on the horizon for SN Capital.
According to Chris Rooker, president of SN Capital, the success of MBT was achieved by adopting an entrepreneurial and aggressive sales and marketing agenda aimed at very specific loan-related business niches. With the infusion of capital and new credit facilities, SN Capital will be better able to serve its clients by taking principal positions in a wider array of products ranging from newly originated residential loans to "scratch and dent" and non-performing assets. SN Capital will also continue in the business line of analyzing, valuing, and brokering mortgage servicing rights, a service in which the former MBT employees, and now SN Capital employees, have been an industry leader for the past 18 years. SN Capital will also be adding to these already existing products an Alt-A correspondent flow program in conjunction with Amherst Funding Group, Austin, Texas, as well as creating a multi-family and commercial acquisition group. Finally, the company also expects to increase its SBA pooling and mortgage-backed securities trading.
Added Rooker: "The synergies that exist between SN Capital and parent company SNHC make for what we believe will be an ever-expanding platform of unique business lines that will add value to our existing client base as well as other participants in the secondary market. We are pleased to have found a partner that fully understands our business model; SNHC is providing us with the opportunity to realize our true growth potential."
Mr. Robin P. Arkley II, President and CEO of SNHC, commented: "We have been looking for an opportunity to expand our secondary market activities for some time. There are three main reasons why the former employees of MBT are the perfect group to join the Security National family: their sizable sales and trading operations and corresponding deal flow, their participation in the 'scratch and dent' marketplace, and their deep-rooted relationships with mortgage bankers and financial institutions as a result of their servicing analytics and brokerage division. I am pleased that SN Capital Markets is now a part of our company and look forward to our mutual growth and success."
