MountainBank Financial Corporation to Acquire Mortgage Company

Apr 27, 2001, 01:00 ET from MountainBank

    HENDERSONVILLE, N.C., April 27 /PRNewswire/ --
     MountainBank Financial Corporation, (OTC Pink Sheets:   MBFC) parent company
 of MountainBank, both headquartered in Hendersonville, N.C., has entered into
 a letter of intent to purchase PremierMortgage Associates, Inc., a Greenwood,
 South Carolina based mortgage company.  This proposed transaction will be
 structured as a merger of PremierMortgage into MountainBank.  The combined
 entity will be named MountainBanc.
     PremierMortgage was founded in 1995 by James B. Garner and Timothy 0.
 Howell and has been the leading home mortgage originator in Greenwood County
 since inception.  It has been recognized as the Affiliate of the Year three
 out of the last four years by the Greenwood Association of Realtors.  Mr.
 Garner, a 28 year banking veteran in Greenwood and former senior officer of
 First Union's Greenwood predecessor, United Savings, will serve as a Senior
 Vice President of MountainBanc while Mr. Howell will join the company as a
 Vice President.  PremierMortgage will continue as a home loan originator from
 its location at 422 Montague Avenue and all employees will remain with the
 combined entity.
     In making this announcement, Mr. Garner said, "Our combination with
 MountainBank will have a very positive effect upon our company, our community,
 and our employees.  Premier will gain a much greater funding capacity and
 product line to better serve our customers, and our employees will secure a
 benefits plan.  Unlike most mergers, we will be adding people instead of
 eliminating them as we take our operation to the next level.  Tim and I have
 been exploring ways to expand our business, and becoming a part of
 MountainBank will best accomplish our objectives."
     In announcing this proposed merger, J.W. Davis, president and chief
 executive officer of MountainBank Financial Corporation said, "This is an
 exciting event in the life of Premier and MountainBank.  Both are vital and
 dominant forces in their communities and a combination will make the whole
 stronger than each was singularly.  Premier is a quality organization that
 will provide both short and long term strategic opportunities for
 MountainBank."
     MountainBank Financial Corporation's stock currently trades on the NASDAQ
 Bulletin Board system (pink sheets) under the symbol MBFC.  MountainBank, one
 of the fastest growing community banks in the Carolinas, currently operates
 seven full service offices in four western North Carolina counties and plans
 to open three additional offices in Waynesville, Marion, and Morganton prior
 to June 30, 2001.
 
     Forward-Looking Statements
     This news release contains forward-looking statements.  Such statements
 are subject to certain factors that may cause the company's results to vary
 from those expected.  These factors include changing economic and financial
 market conditions, competition, ability to execute our business plan, items
 already mentioned in this press release, and other factors described in our
 filings with the Securities and Exchange Commission.  Readers are cautioned
 not to place undue reliance on these forward-looking statements, which reflect
 management's judgment only as of the date hereof.  The company undertakes no
 obligation to publicly revise these forward-looking statements to reflect
 events and circumstances that arise after the date hereof.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X73971493
 
 

SOURCE MountainBank
    HENDERSONVILLE, N.C., April 27 /PRNewswire/ --
     MountainBank Financial Corporation, (OTC Pink Sheets:   MBFC) parent company
 of MountainBank, both headquartered in Hendersonville, N.C., has entered into
 a letter of intent to purchase PremierMortgage Associates, Inc., a Greenwood,
 South Carolina based mortgage company.  This proposed transaction will be
 structured as a merger of PremierMortgage into MountainBank.  The combined
 entity will be named MountainBanc.
     PremierMortgage was founded in 1995 by James B. Garner and Timothy 0.
 Howell and has been the leading home mortgage originator in Greenwood County
 since inception.  It has been recognized as the Affiliate of the Year three
 out of the last four years by the Greenwood Association of Realtors.  Mr.
 Garner, a 28 year banking veteran in Greenwood and former senior officer of
 First Union's Greenwood predecessor, United Savings, will serve as a Senior
 Vice President of MountainBanc while Mr. Howell will join the company as a
 Vice President.  PremierMortgage will continue as a home loan originator from
 its location at 422 Montague Avenue and all employees will remain with the
 combined entity.
     In making this announcement, Mr. Garner said, "Our combination with
 MountainBank will have a very positive effect upon our company, our community,
 and our employees.  Premier will gain a much greater funding capacity and
 product line to better serve our customers, and our employees will secure a
 benefits plan.  Unlike most mergers, we will be adding people instead of
 eliminating them as we take our operation to the next level.  Tim and I have
 been exploring ways to expand our business, and becoming a part of
 MountainBank will best accomplish our objectives."
     In announcing this proposed merger, J.W. Davis, president and chief
 executive officer of MountainBank Financial Corporation said, "This is an
 exciting event in the life of Premier and MountainBank.  Both are vital and
 dominant forces in their communities and a combination will make the whole
 stronger than each was singularly.  Premier is a quality organization that
 will provide both short and long term strategic opportunities for
 MountainBank."
     MountainBank Financial Corporation's stock currently trades on the NASDAQ
 Bulletin Board system (pink sheets) under the symbol MBFC.  MountainBank, one
 of the fastest growing community banks in the Carolinas, currently operates
 seven full service offices in four western North Carolina counties and plans
 to open three additional offices in Waynesville, Marion, and Morganton prior
 to June 30, 2001.
 
     Forward-Looking Statements
     This news release contains forward-looking statements.  Such statements
 are subject to certain factors that may cause the company's results to vary
 from those expected.  These factors include changing economic and financial
 market conditions, competition, ability to execute our business plan, items
 already mentioned in this press release, and other factors described in our
 filings with the Securities and Exchange Commission.  Readers are cautioned
 not to place undue reliance on these forward-looking statements, which reflect
 management's judgment only as of the date hereof.  The company undertakes no
 obligation to publicly revise these forward-looking statements to reflect
 events and circumstances that arise after the date hereof.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X73971493
 
 SOURCE  MountainBank