UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 14A INFORMATION

 

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.     )

 

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Definitive Proxy Statement

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Soliciting Material Pursuant to §240.14a-12

 

AmNet Mortgage, Inc.

(Name of Registrant as Specified In Its Charter)

 

 

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AMERICAN MORTGAGE NETWORK FUNDS $1.2 BILLION OF MORTGAGES IN NOVEMBER

 

San Diego, CA, December 6, 2005 — American Mortgage Network (AmNet), a nationwide mortgage bank and a wholly owned subsidiary of AmNet Mortgage, Inc. (NASDAQ: AMNT), reported that it funded $1.2 billion of mortgage loans in November compared to $864 million in November 2004, a year-over-year increase of 45%. November had 21 working days.

 

AmNet’s new loan applications in November were $2.2 billion, compared to $2.2 billion in October.  Average loan fundings per workday were $59.5 million in November compared to $70.9 million in October. Average daily new loan applications were $102.7 million in November compared to $104.1 million in October.

 

Alt-A loans accounted for 40.8% of total volume in November 2005 as compared to 26.5% in November of 2004. Collectively, typically higher margin products, including Alt-A, subprime, home equity and second mortgage offerings, totaled 50.7% of total fundings compared to 31.2% of total fundings in November 2004.

 

On September 13, 2005, Wachovia Corporation (NYSE: WB) and AmNet Mortgage, Inc. announced that a definitive agreement had been signed under which Wachovia will acquire AmNet Mortgage, Inc. for a purchase price of $10.30 per share in cash.  The approximate total value of the transaction (on a fully diluted basis) is $83 million.  AmNet, which will remain headquartered in San Diego, will operate as a wholly owned subsidiary of Wachovia Bank, N.A. following the merger.  The merger is conditioned on stockholder approval and other customary conditions described in the definitive proxy statement dated November 7, 2005 related to the special stockholder meeting scheduled for December 8, 2005.

 

About American Mortgage Network

Headquartered in San Diego, California, AmNet is a wholly owned subsidiary of AmNet Mortgage, Inc. AmNet originates loans for the national mortgage broker community

 

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through its network of branches and business-to-business over the Internet. AmNet has loan production offices in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Minnesota, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, Utah, Virginia and Washington. AmNet has a total of $2.2 billion in warehouse borrowing capacity and is approved to do business in 50 states and the District of Columbia either by license or exemption.  For more information, please visit www.amnetmortgage.com.

 

About AmNet Mortgage, Inc.

AmNet Mortgage Inc. is the parent company of American Mortgage Network. For more information, please visit www.amnetmortgageinc.com.

 

Forward-Looking Statement

This press release includes “forward-looking statements”. The forward-looking statements contained herein include statements about the consummation of the proposed acquisition of AmNet Mortgage, Inc. by Wachovia and the benefits of the proposed acquisition.  These statements are subject to inherent risks with regard to the satisfaction of the conditions to the closing of the acquisition.  Additional information relating to the uncertainty affecting AmNet Mortgage, Inc.’s business is contained in its filings with the Securities and Exchange Commission.  Any forward-looking statement speaks only as of the date on which such statement was made, and AmNet Mortgage, Inc. does not undertake any obligation to (and expressly disclaims any such obligation to) update any forward-looking statement to reflect events or circumstances after the date on which such statement was made, or to reflect the occurrence of unanticipated events.

 

Caution Required by Certain Securities and Exchange Commission Rules

In connection with the proposed merger, AmNet Mortgage, Inc. has filed a definitive proxy statement and other relevant documents concerning the transaction with the Securities and Exchange Commission.  INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SECURITIES AND

 

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EXCHANGE COMMISSION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER.  Investors and security holders can obtain a free copy of the definitive proxy statement and other documents filed by AmNet Mortgage, Inc. with the Securities and Exchange Commission at the Securities and Exchange Commission’s web site at http://www.sec.gov.  Free copies of the definitive proxy statement and other documents filed by AmNet Mortgage, Inc. with the Securities and Exchange Commission may also be obtained from AmNet Mortgage, Inc. by directing a request to Investor Relations, AmNet Mortgage 10421 Wateridge Circle, Suite 250 San Diego, CA, 92121. (email address: IR@amnetmortgageinc.com).

 

AmNet Mortgage, Inc. and its directors and its executive officers may be deemed, under Securities and Exchange Commission rules, to be soliciting proxies from AmNet Mortgage, Inc.’s stockholders in favor of the proposed merger.  Information regarding the identity of these persons is set forth in a Schedule 14A filed by AmNet Mortgage with the Securities and Exchange Commission on July 6, 2005 relating to AmNet Mortgage, Inc.’s 2005 annual meeting of stockholders and a Form 10-K/A filed by AmNet Mortgage, Inc. with the Securities and Exchange Commission on July 6, 2005 both of which are available free of charge from the Securities and Exchange Commission or from AmNet Mortgage, Inc. as indicated above.  Information regarding the interests of these persons in the solicitation is specifically set forth in the proxy statement concerning the proposed merger that has been filed by AmNet Mortgage, Inc. with the Securities and Exchange Commission, which is available, free of charge from the Securities and Exchange Commission or from AmNet Mortgage, Inc. as indicated above.

 

 

INVESTOR AND ANALYST RELATIONS CONTACTS
Judith Berry
Executive Vice President and Chief Financial Officer
AmNet Mortgage, Inc.
(858) 909-1230
jberry@amnetmortgage.com

Clay Strittmatter
Senior Vice President, Finance
AmNet Mortgage, Inc.
(858) 909-1340
cstrittmatter@amnetmortgage.com

 

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MEDIA RELATIONS CONTACTS
Kasey Emmel
Vice President, Marketing & Communications
AmNet Mortgage, Inc.
(858) 909-1335
kemmel@amnetmortgage.com

Corinne Forti
President
Forti Communications Inc.
(805) 498-0113
cforti@amnetmortgage.com
forticomm@aol.com

 

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