June 15, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — PSM Holdings, Inc. (OTCBB: PSMH), a mortgage brokerage and banking firm in the Southwest, said that it has signed a letter of intent to acquire CBB, Inc., an Oklahoma-based management company that operates a regional mortgage banking firm in the Southwest.

Under the terms of the LOI, upon closing of the transaction, CBB shareholders would receive common shares from PSMH representing around 70% of the outstanding shares of PSMH stock and CBB would become a wholly owned subsidiary of PSMH. Also at closing, the company’s board would be restructured, maintaining Ron Hanna and Jeffrey Smith on the board and adding the principals of CBB and a designee of CBB.

The deal is scheduled to close in July.

New Mexico-based PSM Holdings conducts its business operations through its wholly owned subsidiary, PrimeSource Mortgage, which began its mortgage operations in 1991.

PSM Holdings, through PrimeSource Mortgage, is currently licensed in 17 states from Florida to California, and oversees the operations of more than 34 branches across the United States.

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