PacificAmerica Money Center Inc. Splits Stock
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PacificAmerica Money Center Inc. announced a 1-for-1 stock dividend, which will have the effect of doubling the number of shares currently outstanding, the company said.
The Woodland Hills-based mortgage lender said the stock split, which will go into effect July 31, will increase the liquidity and public float for the company’s stock.
A split lowers the price of a corporation’s stock and, the company hopes, makes ownership more affordable to a broader base of investors.
In June, loan originations for PacificAmerica Money Center reached a record high of $71 million, bringing the quarterly loan volume to $200 million, the company said.
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