Form 8-K for FIRST CHESAPEAKE FINANCIAL CORP filed on May 17, 1999
UNITED STATES
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 (Date of earliest event reported) May 7, 1999
FIRST CHESAPEAKE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
VIRGINIA 0-21912 54-1624428
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
12 OREGON AVENUE, PHILADELPHIA, PENNSYLVANIA 19148
(Address of principal executive offices)
Registrant's telephone number, including area code (215) 755-5691
(Former name or former address, if changed since last report.) Not applicable
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ITEM 5. OTHER EVENTS
FOR IMMEDIATE RELEASE May 11, 1999
FIRST CHESAPEAKE COMPLETES ACQUISITION OF MORTGAGE CONCEPTS, INC.
-- Expands Mortgage Operations to 6 States --
Philadelphia, PA -- May 11, 1999 - First Chesapeake Financial Corporation (OTC
BB: FCFK) today announced completion of the acquisition of Mortgage Concepts,
Inc. of Louisville, KY.
Mortgage Concepts, Inc., which now conducts business under the name Collateral
One Mortgage, is a mortgage banking firm with retail mortgage origination
operations in five states including Kentucky, Indiana, Missouri, North Carolina
and Tennessee. Applications are also pending for approval to originate loans in
Ohio, Georgia, Kansas, Pennsylvania and New Jersey.
Upon completion of these approvals, First Chesapeake and its holdings will have
mortgage origination operations in a total of 11 states.
Les Salzman, President of First Chesapeake's mortgage banking operations,
commenting on the acquisition, stated, "This is the second mortgage banking
acquisition for First Chesapeake since the new management team began rebuilding
the Company in 1998. Mortgage Concepts serves the upper and middle end of the
sub-prime market in strong, growing marketplaces. The company is a profitable
operation with over $100 million in annual closed loan volume. This acquisition
further demonstrates progress towards our goal of building a diversified
mortgage banking operation through selective, well-structured acquisitions. We
intend to maintain our selective acquisition strategy by identifying profitable
regional retail loan originators that complement our operations."
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First Chesapeake Financial Corporation is engaged primarily in the residential
and commercial mortgage banking business at both the wholesale and retail
levels. The company is actively seeking to grow its mortgage banking operations
internally and through selective, well-structured acquisitions. First Chesapeake
intends to continue on its path of acquiring profitable regional retail loan
originators that are below the "radar screen" of the major players and which
complement First Chesapeake's diversified geographical, loan product and
retail/wholesale composition.
First Chesapeake's operational headquarters are located at 8551 W. Sunrise
Boulevard, Plantation, FL 33322. Further information may be obtained by calling
Les Salzman at (954) 385-8400 or by fax to (954) 474-2438
This release contains forward-looking information including statements regarding
the Company's business outlook or future performance, anticipated profitability,
revenues, expenses or other financial items. Factors that could cause actual
events to differ materially from these forward-looking statements include, but
are not limited to, the following: overall economic and business conditions,
trends for the continued growth of the mortgage and financial services industry,
the realization of anticipated revenues, profitability and cost synergies, the
demand for the Company's products and services, pricing ad other competitive
factors in the industry and new government regulations and/or legislative
initiatives. These and other risks are described in the Company's filings with
the Securities and Exchange Commission, including the Company's Form S-1
registration statement, Annual Report on Form 10-KSB for the year ended December
31, 1997 and Quarterly Reports on Form 10-QSB through September 30, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
FIRST CHESAPEAKE FINANCIAL CORPORATION
Date: May 14, 1999 By: Mark Mendelson
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Mark Mendelson, Chief Executive Officer
By: Richard N. Chakejian, Jr.
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Richard N. Chakejian, Jr. President
By: Mark E. Glatz
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Mark E. Glatz, Chief Financial Officer
