ARCS Mortgage Cancels Plans to Go Public
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ARCS Mortgage in Calabasas, a subsidiary of Bank of New York Co., has canceled its plans to go public because of adverse market conditions.
The mortgage banking company had hoped to raise $58 million through the sale of 3.07 million shares of common stock at $19 each. The proceeds from the stock sale--announced last February--were to be used to pay debt and for general corporate purposes, including originating new loans and buying mortgage servicing rights.
But the market for stock offerings from mortgage companies has weakened, and as a result ARCS said it has pulled its proposed offering. If the market improves, the company said, it might consider a stock sale at a later date.
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