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Bank Continues Acquisition Binge

CertusBank plans to acquire S.C. lender

Dec. 21, 2012

By Mortgage Daily staff


A bank operating from South Carolina that has acquired four banks and one mortgage company since last year is now taking over one of the fastest-growing mortgage firms in the country.

CertusBank, N.A., acquired South Carolina's CommunitySouth Bank and Trust when it failed in January 2011. Four months later, CertusBank picked up two failed Georgia banks: First Georgia Banking Co. and Atlantic Southern Bank. Another Georgia bank that failed last month, Hometown Community Bank, was also taken over by CertusBank.

But banks aren't the only target of CertusBank. In August, it said it would acquire Charlotte, N.C.-based Myers Park Mortgage Inc.

Now, the Greenville, S.C.-based bank has set its sites on a Columbia, S.C.-based mortgage lender.

In an announcement Friday, CertusBank said it reached an agreement to acquire four-year-old Resource Financial Services Inc.

Inc. magazine ranked Resource Financial as the 227th fastest-growing company in the country based on 1,600 percent revenue growth over a three-year period that left it grossing $7 million in 2011. When the ranking was released in August, headcount was at 49 employees.

Resource Financial has eight locations and originates in five states, according to the news release.

Calling the transaction "a key addition in CertusBank's growth and expansion plans for its mortgage business," CertusBank said synergy is expected between the upcoming acquisition and Myers Park Mortgage -- which it recently completed acquiring.

"We are committed to bringing smart, innovative solutions to the market and adding Resource Financial Services to the CertusBank family makes perfect sense," CertusBank Co-CEO Walter Davis said in the announcement.

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