ORLANDO, Fla., May 17, 2004 (PRIMEZONE) -- TS&B Holdings, Inc. ("Company" or "TS&B") (OTCBB:TSBB) announced it recently completed the acquisition of Cummings Financial Services, Inc., (CFS) 711 N. Parsons Ave., Brandon, Florida.
Cummings Financial Services is a residential mortgage company started in 1998. The company employs 20 people. In 2003 CFS processed $26.5M in loans with gross revenues from fees in excess of $850,000. CFS has financing relationships with over 450 financial institutions allowing CFS to guarantee its clients the lowest possible rate. CFS also has a secondary revenue source through its relationship with a title company.
The CEO of TS&B Holdings Inc., James E. Jenkins stated, "We're very excited about our investment in Cummings Financial. This acquisition gives TS&B another revenue source to add to its portfolio. The Company will now place all of its commercial loan requests through Cummings Financial, giving it another source of income. We look to expand their revenue base to over $2M annually without adding any substantial overhead."
About TS&B Holdings Inc.
TS&B Holdings Inc., is a Business Development Company under the Investment Act of 1940 aggressively seeking opportunities in emerging and fast growth industries.
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