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SEARS MORTGAGE CORP. PURCHASES TWO OFFICES

Sears Mortgage Corporation has purchased the two loan production offices of Travelers Mortgage Services Inc. in Buffalo and Rochester, New York.

"The Buffalo office and Rochester satellite opening in February have continued to originate a substantial amount of mortgages," said Cathy A. Pallin, assistant vice president and Buffalo branch manager.

By adding these offices, in addition to an existing SMC loan origination office in Long Island which was opened this March, Sears Mortgage Corporation has been able to provide more home buyers in a broader area with the quality mortgage products, programs and service that SMC has to offer.

The acquisition of the Buffalo office provides many years of experience. Cathy Pallin, branch manager, a resident of East Amherst, has over eight years of diverse mortgage banking experience.

To assist Ms. Pallin, one managing loan officer, Carol G. Peacock, and five loan officers, Sharon Cook, Leisha Kendall, Pierre J. LaPres, Marsha L. Thomas and Dean Doering have joined SMC.

"At SMC, home buyers get the product and programs of a national mortgage company with the advantages of a home town lender," SMC Chairman and President Walter C. Klein, Jr. said.

"Our loan officers know the mortgage business, have the tools they need to find the right mortgage for each home buyer and are familiar with the community they are serving."

In explaining the acquisition, Klein said, "New York is one of the fastest growing residential areas in the country. This acquisition will allow SMC to extend our quality service to many more customers. This move is the latest along the path of our strategic plan that reinforces the Coldwell Banker Real Estate Group and Sears, Roebuck & Co. commitment to building SMC as an industry leader."

Sears Mortgage Corporation is a business unit of Sears, Roebuck & Co. and is a member of the Sears Financial Network. In addition, SMC is a licensed Mortgage Banker -- NYS Banking Department.

Its mortgage portfolio totals over $14 billion. Headquartered in Riverwoods, Illinois, it currently operates 98 offices in 33 states.

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