Ready Capital Corporation (Ready Capital) announced it has entered into a definitive merger agreement to combine in a stock-for-stock merger with Owens Realty Mortgage Inc. The combined company, which will operate under the name Ready Capital, is expected to have pro forma equity capital in excess of $750 million. Upon completion of the transaction, Ready Capital Chairman and Chief Executive Officer Thomas Capasse will lead the company, and Frederick C. Herbst, Chief Financial Officer of Ready Capital, will remain CFO. The combined company will be headquartered in New York, New York.

The combined Board is expected to have seven directors, consisting of one director from ORM's existing Board and six directors appointed by Ready Capital.