Prism Financial Acquires Americorp Funding

In a bid to move into the Southern California market, Chicago-based mortgage lender Prism Financial Corp. said that it acquired Los Angeles-based Americorp Funding, a commercial and residential mortgage broker and lender. Terms were not disclosed. Americorp, which has offices in Pasadena and West Los Angeles, will operate as a division of Prism’s California residential mortgage subsidiary. Americorp, which was created in 1989 and has 60 employees, closed more than $800 million in mortgage loans in 2000. Prism, the 12th-largest residential mortgage broker and lender, closed $8 billion in loans in 2000. Prism operates in 30 states and was acquired by Royal Bank of Canada last year. Royal Bank shares fell 42 cents to close at $32.95 on the NYSE.