(June 1 – 09:40 ET) – Stonewood Financial Inc. has completed its previously announced acquisition of 2.6 million common shares of University Avenue Financial Corporation at a purchase price of 31ยข a share.

With the purchase, Stonewood now owns 35% of the outstanding common shares of University Avenue. As a significant shareholder of University Avenue, Stonewood plans to help the company grow its business.

Stonewood acquired the University Avenue shares in an agreement between Stonewood and J’Andkast Holdings Inc. dated April 10, 2000.

Stonewood Financial Inc. is a wholly owned subsidiary of Stonewood Capital Partners Inc., a Canadian-based merchant banking firm.
-IE Staff