CFSI Ends Efforts to Acquire Minnesota Bank

SPOKANE, Wash.--(BUSINESS WIRE)--

Complete Financial Solutions Inc. (“CFSI”) CFSU announced it ended its efforts to purchase Northern Star Financial, Inc. and its wholly owned bank subsidiary Northern Star Bank (“Bank”). Meanwhile, efforts to acquire a controlling interest in Tennessee-based American Patriot Bank were still proceeding.

The Minnesota Department of Commerce closed Northern Star Bank on December 19, 2014 and appointed the Federal Deposit Insurance Corporation (FDIC) as Receiver. The FDIC announced on January 5, 2015 that all deposit accounts had been transferred to BankVista, Sartell, MN.

“We made a good faith investment in Northern Star Bank as part of our signed Letter of Intent to acquire the Bank,” stated Allen Ringer, CEO of CFSI. “With the decision of state regulators to go in the direction of receivership, we were unable to complete the acquisition. We have applied to the FDIC for reimbursement of our initial investment in the Bank. We continue to pursue our efforts to acquire a state-chartered bank in Tennessee.”

About CFSI

Complete Financial Solutions Inc. is an emerging financial services company. Through its subsidiary companies, CFSI offers mortgage origination and processing services in 25 states. Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved lender allowing ACMC to both bank and broker FHA loans. ACMC offers a spectrum of mortgage products through a variety of correspondent and broker relationships. Insurance Solutions Inc. offers protection products to mortgage customers of ACMC and to the general public. For more information, visit our website at www.cfsi.biz.

This press release may contain forward-looking statements that involve risks and uncertainties concerning our expected performance and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: uncertainty regarding our future revenue growth, operating results and profitability; our business being dependent on the health of the mortgage industry; government regulation; and the effect of industry restructuring, higher interest rates or adverse economic conditions. Statements in this release should be evaluated in light of these factors. We have included a detailed discussion of certain risks and uncertainties that could cause actual results and events to differ materially from our forward-looking statements in the section titled “Risk Factors,” filed with our Annual Report, posted with the OTC Disclosure and News Service on May 28, 2014, which is available at www.otcmarkets.com. CFSI undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.