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): September 30, 1998
GreenPoint Financial Corp.
---------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-22516 06-1379001
------------ ------------ ------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
90 Park Avenue, New York, New York 10016
-----------------------------------------
(Address of principal executive offices) (zip code)
(212) 834-1711
---------------------------------
(Registrant's telephone number, including area code)
<PAGE>
2
ITEM 5. OTHER EVENTS
On September 30, 1998, GreenPoint Financial Corp., a Delaware
corporation (the "Company"), issued a press release announcing that
GreenPoint Bank, a New York chartered savings bank and wholly-owned
subsidiary of the Company (the "Bank"), had completed its acquisition of
the manufactured housing loan business of BankAmerica Housing Services, a
division of Bank of America, FSB, a federal savings bank and wholly-owned
subsidiary of BankAmerica Corporation, a Delaware corporation
("BankAmerica"), pursuant to a Stock Purchase Agreement, dated as of April
11, 1998, as amended, by and between the Bank and BankAmerica. A copy of
the Company's press release is filed herewith as Exhibit 99.1 and is
incorporated herein by reference.
The Company is accounting for the acquisition of the manufactured
housing loan business as a purchase for accounting and financial reporting
purposes.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibits.
The following exhibit is filed with this report:
Exhibit 99.1 Press Release dated September 30, 1998.
<PAGE>
SIGNATURES
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 hereunto duly authorized.
GREENPOINT FINANCIAL CORP.
Date: October 5, 1998 By: /s/ Howard C. Bluver
---------------------
Name: Howard C. Bluver
Title: Senior Vice President and
General Counsel
<PAGE>
EXHIBIT INDEX
Exhibit 99.1 Press Release dated September 30, 1998.
Exhibit 99.1
NEWS RELEASE
90 Park Avenue
New York, NY
10016
[LOGO]
FOR RELEASE:
WEDNESDAY, SEPTEMBER 30, 1998
CONTACT:
Investors: Jeffrey Bergman, 212.834.1113
Media: Richard Humphrey, 212.834.1201
GREENPOINT FINANCIAL COMPLETES ACQUISITION
OF BANKAMERICA HOUSING SERVICES;
RENAMED GREENPOINT CREDIT CORP.
GreenPoint Credit Becomes Number Two Lender for Manufactured Housing
NEW YORK, Sept. 30 - GreenPoint Financial Corp. (NYSE:GPT) today
announced the completion of its purchase of BankAmerica Housing
Services, now renamed GreenPoint Credit Corp.
In addition to being the leading national lender in no-documentation
residential mortgages, GreenPoint becomes the second largest originator
and servicer of manufactured housing loans through a national sales and
service network of 45 offices with more than 5,000 dealer relationships in
48 states.
New Asset Generation Niche with High Market Share
"GreenPoint Credit represents a new and highly successful asset generation
niche for our company. It has the number two market share in one of the
fastest growing segments of home financing, and is strategically
compatible with our existing businesses," said Thomas S. Johnson, Chairman
and Chief Executive Officer of GreenPoint Financial.
"Providing significant revenue growth through the diversification of our
lending products, GreenPoint Credit expands our borrower pool, adds a new
origination channel and a servicing portfolio which provides a significant
revenue stream without the associated credit risk," he continued.
<PAGE>
"GreenPoint Credit retains an exceptional executive management team, led
by its founder and CEO, John Wheeler. We are confident in their ability to
enhance the company's excellent dealer relationships and to continue to
grow the business," Mr. Johnson concluded.
Mr. Wheeler stated, "As GreenPoint Credit, we become part of one of the
nation's most innovative specialty home finance companies. The combination
of GreenPoint Financial's resources and our expertise in manufactured
housing finance makes GreenPoint Credit ideally positioned to take full
advantage of one of the fastest growing segments of the American housing
industry."
GreenPoint Financial Corp., a specialty home finance company traded on the
NYSE under the ticker symbol GPT, is the leading national lender in
no-documentation residential mortgages. In addition to GreenPoint Credit,
its principal subsidiaries are GreenPoint Mortgage, a national mortgage
banking company headquartered in Charlotte, NC, and GreenPoint Bank, a New
York State chartered savings bank with $11 billion in deposits in 73
branches serving more than 400,000 households in the greater New York City
area.
This release may contain certain forward-looking statements, which are
based on management's current expectations. Factors that could cause
future results to vary materially from these expectations include, but are
not limited to, general economic conditions; changes in interest rates,
deposit flows, real estate values and competition; changes in accounting
principles, policies or guidelines; change in legislation or regulation;
and other economic, competitive, governmental, regulatory and
technological factors affecting the Company's operations, pricing,
products and services.
###
