United PanAm Financial Corp. Announces Block Purchase
17 November 1999
United PanAm Financial Corp. Announces Block Purchase
SAN MATEO, Calif.--Nov. 16, 1999--United PanAm Financial Corp. announced today that it has repurchased 240,000 shares of its common stock at $1.25 per share in a block transaction. This brings to a total of 1,375,000 shares repurchased this year.Guillermo Bron, chairman of the board, said, "We have repurchased blocks of shares from time to time as opportunities have presented themselves. We continue to believe our current stock price is undervalued. This action is also consistent with the board of director's commitment to enhance shareholder value."
United PanAm Financial Corp., a diversified specialty finance company, originates and acquires for sale and investment residential mortgage loans, automobile insurance premium finance contracts and retail automobile installment sales contracts.
The company's principal operating units include Pan American Bank, FSB, the largest Hispanic-controlled savings association in California, with five retail branch offices in the state and $298.0 million in deposits at September 30, 1999; the mortgage division with 12 retail branches and five wholesale centers serving 44 states; the insurance premium finance division, which through a joint venture is the largest provider of financing for consumer automobile insurance premiums in California; and United Auto Credit Corporation, with 19 branch offices in California, Arizona, Colorado, Florida, Georgia, North Carolina, Oregon, Utah and Washington.
Any statements set forth above that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act ("SLRA") of 1995, including statements concerning the company's strategies, plans, objectives and intentions. Such statements are subject to a variety of risks and uncertainties, known and unknown which may cause the company's actual results to differ materially from those anticipated in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, such factors as limited operating history, the impaired or limited credit history of the company's borrowers, the availability of additional financing, competitive pressure in the banking and mortgage lending industry, the concentration of the company's business in California, rapid growth of the company's businesses, the reliance on the company's systems and controls and key employees, fluctuations in market rates of interest, pricing of loans in the whole loan and securitization markets, risks inherent in loan securitization, general economic conditions, risks relating to Year 2000 and other risks certain of which are detailed from time to time in the company's filings with the United States Securities and Exchange Commission.