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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8 - K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): DECEMBER 23, 1997
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THE WMF GROUP LTD.
(Exact Name of Registrant as
Specified in Charter)
Delaware 000-22567 54-1647759
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(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
1593 Spring Hill Road
Suite 400
Vienna, Virginia 22182
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(Address of Principal
Executive Offices)
(703) 610 - 1400
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(Registrant's telephone
number, including area code)
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Item 5. Other Events.
The information set forth in Exhibit 99.1 is incorporated herein by
reference.
Exhibit 99.1
Amended press release dated December 18, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
registrant has duly caused to be signed on its behalf by the undersigned,
thereunto duly authorized.
THE WMF GROUP, LTD.
Date: December 23, 1997 By: /s/ Michael D. Ketcham
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Michael D. Ketcham
Executive Vice President, Chief
Financial Officer and Treasurer
(Principal Financial Officer)
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EXHIBIT 99.1
AMENDED RELEASE
Contact: Kathy Buchanan
(800) 284-3579
(703) 610-1306
THE WMF GROUP ACQUIRES ASSETS OF NEW YORK URBAN SERVICING CO.
VIENNA, VA (December 18, 1997) -- The WMF Group (Nasdaq: WMFG)
announced a definitive agreement, subject to the customary conditions to
closing, to purchase the assets of New York Urban Servicing Co., Inc. and its
affiliated entity, NY Urban West, Inc. ("Urban"). Headquartered in New York City
with an office in Hackensack, NJ, Urban is a privately-owned commercial mortgage
banking firm founded in 1936.
The purchase price is $4,875,000 in cash, financed through a draw on
existing credit lines. Of this amount, $4.1 million will be paid at closing,
with the balance paid in the form of earnouts upon the attainment of certain
performance objectives over a 42-month period. The transaction is expected to
close before year end.
The acquisition is part of WMF's strategy to expand its presence in
the commercial mortgage banking field. Other recent acquisitions include The
Robert C. Wilson Company with offices in Houston and Phoenix, Dallas-based Askew
Investment Company, and Detroit-based Proctor & Associates.
Included in the transaction is Urban's servicing portfolio of $1.2
billion. An approved HUD mortgagee, Urban has correspondent relationships with
John Hancock Mutual Life Company and Allstate Life Insurance Co. Urban's two
principals, John G. Lama and Frank Harvey, along with 14 employees, will join
The WMF Group. The company will now be called WMF NY Urban.
"New York Urban continues our strategy of acquiring premier
commercial mortgage banking companies, and expands our origination system and
investor base in the largest metropolitan area in the country," said Howard
Perkins, executive vice president of WMF. This transaction will increase WMF's
portfolio to over $10 billion, up from $6.2 billion at the beginning of the
year.
John Lama said, "Being part of WMF's national network, with its
extensive line of loan products, will enhance efforts to expand our business.
And it is exciting to become a part of The WMF Group, particularly since it is
the industry's only independent publicly-traded company."
The WMF Group, headquartered in Vienna, Virginia, is a commercial
mortgage financial services company that currently services a portfolio in
excess of $9 billion and has 14 offices nationwide. Since 1993, The WMF Group
has originated more than $4.5 billion in conventional and FHA-insured
multifamily, commercial, senior housing, and health care loans nationwide.
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All shareholder and investor inquiries should be directed to Michael D. Ketcham,
Executive Vice President and Chief Financial Officer, at 703-610-1400.
