E-Trade buys a lender

E-Trade buys a lender
Tags: Bank / Credit Union, Public Companies
February 10, 2002

MENLO PARK, Calif. – E-TRADE Group Inc. (Nasdaq: EGRP) is adding an online mortgage originator, LoansDirect, to its roster. The acquisition further enhances the banking products offered by the Internet bank.

Last year, E-TRADE Group acquired E-TRADE Access Inc., the third-largest ATM network in the United States.

LoansDirect is an online mortgage originator licensed in 47 states. Terms of the acquisition were not disclosed, though the company said E-TRADE stock is being used in the purchase.

E-TRADE expects the acquisition to result in revenue and net income gains while diversifying E-TRADE's revenue through origination points and loan-related fees.