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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Lender Closes Wholesale Division

Sidus Financial to focus on retail originations

July 26, 2011

By staff

A mortgage banker out of North Carolina has closed its wholesale lending business.

The company, Sidus Financial LLC, said in a statement that it closed the wholesale channel on June 30.

The Greenville, N.C.-based lender blamed "changing market demand" for its decision to stop accepting business from mortgage brokers.

It will now focus only on its retail production channel.

As part of the reorganization, Sidus Financial Chief Executive Officer F. Spencer Cosby Jr. will retire on Dec. 31.

Taking over the mortgage operations will be Lisa B. Rogers, who is senior vice president and mortgage director for parent Yadkin Valley Bank and Trust Co. Mortgage business from both the bank and Sidus will now be operated under one roof.

"As we continue to adapt our operating model to maximize shareholder value, we have decided to exit the wholesale mortgage business line and align our focus on retail mortgage," Yadkin Valley Executive Vice President and Chief Banking Officer Mark DeMarcus explained in the announcement.

DeMarcus added that the move will enable enhancement of the Elkin, N.C.-based bank's mortgage services.

Sidus originally announced in May that it had halted third-party loan requests.

Sidus was acquired by Yadkin Valley in 2004. It was formed by an investment group that included several North Carolina community banks, and it operated five retail mortgage origination offices under the name First Mortgage Corp. in addition to Sidus Wholesale when it was acquired.

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