April 22, 1992 |
Lender of the Year: The Hammond Co. in Newport Beach has been named 1991 Lender of the Year in the third annual survey of California Home Buyer Satisfaction conducted by National Survey Systems in Irvine. Rancho Santa Margarita Escrow Inc. and Continental Escrow in San Diego tied for top honors in the escrow category. And Presley of San Diego won the vote for Builder of the Year in the Home Buyers' Choice Awards survey.
March 20, 1992
The Hammond Co. said Thursday that it has completed a stock buyback program intended to restore the publicly held company to private ownership. The mortgage banking firm, which went public in 1983, paid $976,000 to buy back 244,000 shares of common stock in its self-tender offer. The self-tender was designed to cut the number of shareholders to below 300 so Hammond can be "delisted" from the NASDAQ automated quotation system.
February 26, 1992 |
The Hammond Co. said Tuesday that it will extend its self-tender offer until March 18 and that it now has commitments from investors for the $1.7 million it needs to buy back the shares. The offer to purchase up to 380,000 shares--30% of the common stock outstanding--at $4 per share was to have expired Tuesday. But as of the close of business Monday only 91,543 shares had been offered for sale, said Hammond Co. founder and chairman Thomas T. Hammond. Hammond stock closed at $3.
January 25, 1992 |
The Hammond Co., reporting losses for the first nine months of its fiscal 1992, issued a self-tender offer Friday aimed at buying 30% of its remaining publicly held stock for $4 a share and becoming a privately held company. The regional mortgage banking firm, which bought back 38% of its stock in 1990, wants to cut its number of shareholders to fewer than 300.
January 10, 1992 |
In 1983, a young mortgage banker named Thomas Hammond made waves by taking his Newport Beach company public, raising nearly $6.5 million. The move was newsworthy in that it made the Hammond Co. one of only a handful of publicly traded mortgage firms in the country. Hammond and 20 investors started the firm in 1976 with a total investment of just $125,000.
October 29, 1991
The Hammond Co., a Newport Beach mortgage banker, reported a second-quarter loss of $237,193, or 19 cents a share, on lower revenue. The loss for the quarter ended Sept. 30 contrasts with net income of $102,626, or 8 cents a share, for the year-earlier period. Revenue for the three months was $3.5 million, down 24% from $4.6 million. For the first six months, Hammond Co. lost $539,139, or 42 cents a share, compared to a year-earlier loss of $431,549, or 34 cents a share.