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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
September 14, 2001
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Date of Report (Date of earliest event reported)
Resource Bancshares Mortgage Group, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-21786 57-0962375
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(State or other jurisdiction (Commission I.R.S. Employer
of incorporation) file number) Identification No.)
7909 Parklane Road, Columbia, South Carolina 29223
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(Address of principal executive offices) (Zip Code)
803-741-3000
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Registrant's telephone number, including area code
Not applicable
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(Former name or former address, if changed since last report)
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ITEM 5. Other Events and Regulation FD Disclosure.
(a) On September 14, 2001, Meritage Mortgage Corporation ("Meritage"),
a wholly owned subsidiary of Resource Bancshares Mortgage Group, Inc. ("the
Registrant") purchased assets from Nations Credit Financial Services Corporation
("EquiCredit"), a wholly owned subsidiary of Bank of America Corporation ("Bank
of America"). At closing, Meritage paid EquiCredit in cash representing the
total purchase price for the assets. The funds used to complete the acquisition
came from working capital. The amount of the purchase price was determined by
the parties as a result of arms length negotiations. There is no material
relationship between EquiCredit or Bank of America, on the one hand, and the
Registrant or any of its affiliates (including Meritage), directors or officers
or any associated person of any such director or officer, on the other hand.
The assets purchased included fixed assets related to 15 of
EquiCredit's 70 offices and the service center in Jacksonville, Florida.
Meritage also assumed certain short-term office leases related solely to the 15
branch offices. Meritage did not acquire any of EquiCredit's loans in process,
licenses or broker agreements. Meritage also hired the sales employees at the
branch offices and a number of the service center employees.
(b) The assets acquired included furniture, fixtures and equipment
located at the branch offices and service center. These assets were used by
EquiCredit in connection with its mortgage business, which involved acquiring
primarily A- or Alt A subprime loans through correspondent, wholesale and retail
channels. Meritage Mortgage Corporation ("Meritage") will use these assets in
its wholesale subprime business which focuses on A- and B subprime loans.
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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.
RESOURCE BANCSHARES MORTGAGE GROUP, INC.
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(Registrant)
Date: October 1, 2001 /s/ Steven F. Herbert
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(Signature)
Steven F. Herbert
Chief Financial Executive