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SC Bank Buying NC Mortgage Firm

CertusBank expanding production with acquisition

Aug. 5, 2012

By MortgageDaily.com staff


The banking subsidiary of CertusHoldings Inc. is acquiring a mortgage company based in North Carolina. With the strategic move, the bank will expand its markets by eight. CertusBank, N.A., only opened for business last year with the acquisition of another failed financial institution.

Blue Ridge Holdings Inc. chartered CertusBank to take over CommunitySouth Bank, which was closed down in January 2011 by the South Carolina State Board of Financial Institutions. The CommunitySouth acquisition added $441 million in CertusBank's total assets -- which now stand at $1.822 billion.

Assets at the Greenville, S.C.-based bank as of March 31 included $206 million in home loans, $245 million in commercial mortgages and $169 million in construction-and-land-development loans.

On Friday, CertusBank announced an agreement to acquire Myers Park Mortgage Inc.

According to the announcement, Myers Park is "the leading privately-held mortgage company" in Charlotte, N.C.

Myers Park says it originates in 11 states. More than 55,000 loans have reportedly been originated during the two-decade life of Myers Park.

The Nationwide Mortgage Licensing System and Registry indicates that the company also operates as Blowing Rock Mortgage, Myers Park Funding, Myers Park National Lending Center and Myers Park NLC. It previously operated as WhiteGate Mortgage and Myers Park Mortgage.

NMLS records reflect 24 active sponsored mortgage loan originators at Myers Park. The L.O.s are located in the states of California, Connecticut, Georgia, Indiana, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C.

CertusBank operates 30 branches in Florida, Georgia, North Carolina and South Carolina. The acquisition will significantly expand its footprint.

Regulatory approval is required before the acquisition of the 20-year-old mortgage banker can close. Terms of the deal weren't disclosed.

"Now is a great time to be augmenting our mortgage origination business, and this acquisition positions us to provide a wider and more substantive range of mortgage services to customers," according to CertusBank Co-CEO Walter Davis.

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