SECURITIES AND EXCHANGE COMMISSION
Washington D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 11, 1995
The Ryland Group, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-8029 52-0849948
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification
Number)
11000 Broken Land Parkway, Columbia, Maryland 21044
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (410) 715-7000
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events.
NORWEST BANK MINNESOTA AGREES TO PURCHASE RYLAND'S MORTGAGE SECURITIES
ADMINISTRATION BUSINESS
On April 11, 1995, The Ryland Group, Inc., announced that the company signed a
definitive agreement for Norwest Bank Minnesota to acquire the mortgage
securities administration business of Ryland's mortgage company subsidiary.
Under the terms of the agreement, the purchase price will be $47 million in
cash, subject to certain adjustments. The transaction is expected to close in
the second or third quarter of 1995.
Ryland's mortgage securities administration business includes master
servicing, securities administration, investor information services, and tax
calculation and reporting. Since starting the business in 1982, Ryland has
become one of the largest administrators of publicly-issued mortgage-backed
securities. At March 31, the business employed approximately 140 people and
was servicing 546 securities with a principal balance of $42.8 billion.
Ryland announced in October 1994 that it had engaged Dillon, Read & Co.,
Inc., to explore the potential sale of its mortgage securities administration
unit.
Ryland will continue to own and operate its homebuilding, mortgage
origination and mortgage servicing businesses.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
The Ryland Group, Inc.
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(Registrant)
Date: April 24, 1995 /s/ Stephen B. Cook
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Stephen B. Cook
Vice President and
Corporate Controller