Ready Capital, Owens Realty Mortgage Complete Merger
NEW YORK CITY — Ready Capital Corp. (NYSE: RC) and Owens Realty Mortgage Inc. (NYSE: ORM) have officially completed their merger. As of March 29, ORM ceased to be publicly traded on the New York Stock Exchange. The newly combined company will conduct business under the name Ready Capital Corp. and will continue to trade on the NYSE under the symbol RC. In addition, pursuant to the merger agreement, the size of Ready Capital’s board of directors has increased from six to seven members. Gilbert E. Nathan, an independent director of ORM, was appointed to Ready Capital’s board of directors. Ready Capital specializes in small- to medium-sized balance commercial loans. Maryland-based Owens Realty Mortgage is a specialty finance mortgage company that provides customized, short-term acquisition and transition capital to small balance and middle-market investors.