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Article: Levine buys back Arcs Mortgage division from Bank of New York. (Howard J. Levine; ARCS Mortgage Inc.; Bank of New York Company Inc.)
- Article from:
- Los Angeles Business Journal
- Article date:
- August 21, 1995
- Author:
CopyrightCOPYRIGHT 1995 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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After 24 years of running Arcs Mortgage Inc. - the company he founded - for somebody else, Howard J. Levine is going into business for himself again.
Levine announced last week that he was buying the multi-family division of Arcs from its parent company, Bank of New York Co. Inc., for an undisclosed price.
Bank of New York has been in the process of liquidating Calabasas-based mortgage banking company Arcs since the beginning of 1994.
Levine officially resigned as president and chief executive officer of Arcs on Aug. 1, he said.
Currently, there are about 75 employees of Arcs still working at the Calabasas headquarters, down from about 275 ...