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Churchill Owner Sells Stake to Employees

Sole shareholder sells shares to ESOP

Nov. 6, 2013

By Mortgage Daily staff

Employees of Churchill Mortgage have taken an stake in the home lender through a new stock ownership plan.

The Brentwood, Tenn.-based firm is a subsidiary of Churchill Holdings Inc. It was founded by Lawson H. "Mike" Hardwick III.

Hardwick, who serves as Churchill Mortgage's president and chief executive officer, was also the sole shareholder in the parent company.

But that all changed on Oct. 31, when Hardwick sold some of his shares to a newly established employee stock ownership plan.

Churchill employees over the age of 21 will be eligible to participate in the ESOP after one year of employment.

Still, Hardwick retains a controlling interest in Churchill Holdings, with ESOP allocation limited to 49 percent.

"Establishing an ESOP is exciting news for us, with a strong possibility of Churchill Mortgage being the first ever privately-owned mortgage company to offer one," Hardwick said in the announcement. "Studies have shown that companies' average growth rate is 2.4 percent higher after an ESOP is implemented, so there is a tremendous potential value for our employees who will now share in the continued success of the company and benefit financially from a job well done."

As of June 30, Churchill reported that it employed 340 people.

Churchill reported $1.0 billion in residential originations last year, while it funded $0.6 billion during the first half of this year.

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