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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: August 21, 1998
STERLING LENDING CORPORATION
State of Incorporation: South Carolina
Commission File Number: 333-39339-03
IRS Employer Identification No. 571042033
Address of principal executive offices: 5925 Phelan Boulevard
Beaumont, Texas 77006
Registrant's telephone number: (409) 866-2266
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Item No. 1: FNSC Mortgage Corporation, a Texas corporation ("FNSC")
purchased all of the shares of common stock, without par value,
of Sterling Lending Corporation, a South Carolina corporation
("Company"), and any rights to acquire Shares, pursuant to a
Stock Purchase Agreement effective August 21, 1998. Sterling
Lending Insurance Agency, Inc. is a wholly-owned subsidiary of
the Company. The shares were all previously owned by HomeGold
Financial, Inc., a South Carolina corporation. The purchase
price was paid partially in cash and partially with a
subordinated promissory note secured by certain assets of the
Company and its subsidiary.
Pursuant to the requirements of the Securities Exchange Act of 1934, Sterling
Lending Agency, has caused this report to be signed on its behalf by the
undersigned duly authorized person.
STERLING LENDING CORPORATION
By: /s/ Mark R. Hyland
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Name: Mark R. Hyland
Title: Executive Vice-President
Date: September 8, 1998
