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EXHIBIT 99.2
June 26, 2000
PRUDENTIAL MORTGAGE CAPITAL COMPANY, LLC COMPLETES ACQUISITION OF THE WMF
GROUP, LTD.
--Creates Full-Service Commercial Mortgage Financial Services Company with
Leading Industry Position--
NEWARK, N.J. - Prudential Mortgage Capital Company, LLC, the commercial
mortgage lending arm of The Prudential Insurance Company of America, announced
today the completion of its previously announced merger with The WMF Group, Ltd.
(NASDAQ: WMFG). Prudential Mortgage Capital Company, LLC, had acquired
approximately 96% of WMF's outstanding shares pursuant to a cash tender offer
which expired on June 20, 2000. The merger was completed according to the
short-form merger provisions of the Delaware General Corporation Law.
In the merger, each share of WMF not held by Prudential Mortgage Capital
Company, LLC, or its affiliates (other than shares as to which appraisal rights
are perfected) was converted into the right to receive $8.90 in cash, the same
per-share price paid in the tender offer. As a result of the merger, WMF has
become a wholly-owned subsidiary of Prudential Mortgage Capital Company, LLC.
David Twardock, president of Prudential Mortgage Capital Company, said,
"We're extremely pleased with the overwhelmingly positive response from
investors and our ability to rapidly close this deal. The acquisition gives
Prudential one of the most comprehensive product lines in the commercial
mortgage industry. We will make these products available to our customers in any
way they choose, whether through our trademarked PruEXPRESS network, independent
brokers, directly or on-line."
The acquisition of WMF, which will now operate under the Prudential name,
creates an independent commercial mortgage servicing business with over $31
billion of assets. Loan originations in 1999 totaled $5.5 billion on a combined
basis.
"We expect this acquisition to provide significant growth opportunities for
Prudential, building on the new organization's position as the fourth largest
commercial mortgage firm in the United States and the largest originator of
Fannie Mae and Federal Housing Administration-insured, multi-family mortgage
loans. It will also speed our ongoing strategic expansion into the high-yield
real estate debt business through Prudential's Carbon Mesa subsidiary," said
Twardock.
Prudential, with more than $366 billion in assets under management as of
December 31, 1999, is one of the largest life insurance companies in the United
States and is among the largest financial institutions in the world. Prudential
serves more than 17 million individual and institutional customers worldwide,
offering a variety of products and services, including life insurance, property
and casualty insurance, mutual funds, annuities, pension and retirement related
investments and administration, asset management, securities brokerage, and real
estate and relocation.
PRUDENTIAL
