Shearson Financial Network, Inc. - Net Branch Operation, Retail
In an 8K filing with the SEC on 2008-04-08, Shearson Financial Network, Inc. (SHSNE) announced it's intention to reorganize and seek relief under Chapter 11 bankruptcy protection. The firm had previously announced the appointment of Harry R. Kraatz as Chief Restructuring Officer, and discontinued all operations on 2008-03-27. They have delayed filing their 4th quarter results.
In addition to its own net branch operation, the Henderson, NV based company is also the parent of Shearson Home Loans (SHL), a retail lender headquartered in Irvine, CA and having an office in Plantation, FL according to CityTownInfo.
Licensing for the SHL office at SHSNE's headquarters in Henderson, NV was revoked by final order on 2007-10-15 as reported in a Disciplinary Action Report by the State of Nevada Dept. of Business and Industry's Mortgage Lending Division. An April 2007 archival copy of SHSNE's web site stated that "SHL currently employs over 500 people which are residential mortgage professionals and is licensed in over 40 states."
Shearson Home Loans is the subject of several IRS tax liens filed between 2007-01-04 and 2008-03-06 in Clark County, NV as well as a pending civil suit filed 2007-10-11 by Paychex Ach Inc., and other filings (look it up here; keyword search "SHEARSON").
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.