San Francisco’s Televa Networks Inc. has taken control of San Francisco’s Transnational Financial Network Inc. (TRFN) in a transaction led by Transnational board member Joseph Kristul and Maria Kristul.
Transnational has acquired all shares of broadband wireless services provider Telava and sold Transnational mortgage operations to an affiliate of the Kristuls.
The Kristuls in return. have taken on all outstanding obligations and indemnification for contingent liabilities. Televa acquired approximately 90 percent of Transnational in exchange for the Televa common stock.
Transnational’s board of directors has resigned, with the exception of Joseph Kristul, and a new board appointed.
Transnational, a wholesale and retail mortgage banker, suspended its wholesale mortgage operations in August and reduced its retail operations to those in San Francisco.