THE Financial & Insurance Services Group, Inc. has taken over the ownership and operations of Pacific Financial Corp.
Financial & Insurance is owned by Edward W. Camacho and Sheryl Sizemore-Camacho. The two are former executives of Pacific Financial Corp., which was founded by Camacho’s father.
Camacho yesterday said the stock purchase agreement was signed on May 31, and took effect the following day.
Financial & Insurance’s first business day started yesterday. Aside from insurance, the company also provides several financial products.
“The principals behind the business are happy that despite the current economic uncertainties, we were able to take over this business,” Camacho told Variety in an interview.
Financial & Insurance was incorporated in January this year, but its principals have been in the financing and insurance business for more than 10 years now.
He said Financial & Insurance’s purchase included 100 percent of the consumer loans portfolio, and about 50 percent of the mortgage loans portfolio.
“We are extremely excited to be taking this new step forward. Our customers will recognize the new owners, management team and staff as we are the same people they have worked with and trusted for over the past 16 years,” Camacho said in a separate one-page statement.
According to Camacho, the change in ownership will not affect the services provided to the company’s clients.
“We are committed to providing the highest level of customer service and an array of financial and insurance products our customers have come to rely on since the original company first opened their doors in 1986,” he said.
The company will remain at Pacific Financial’s office at Cabrera Center along Beach Road in Garapan. The telephone and facsimile numbers as well as the post office box also remain the same.
Camacho is the son of Pacific Financial Corp. founder Eduardo G. Camacho who began his relationship with Pacific International Holdings in 1984. Pacific International is the parent company of Pacific Financial, which marked its 16th year on Saipan this year.
In 1994, the younger Camacho accepted an inter-company transfer to manage the branch on Saipan. During his tenure, he was instrumental in building the company into one of the largest asset-based finance and insurance companies on the island, according to a statement.
Camacho said Moylan’s Insurance Underwriters International, Inc. purchased the rights to service Pacific Financial’s insurance portfolio, and not the portfolio itself.
“Thus, as a result of the stock purchase, Moylan’s will vacate our office, and will conduct all its business in its main office, Camacho said.
