twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


M&A Journal

Recent mergers and acquisitions

April 14, 2009

By SAM GARCIA


Three acquisitions were recently completed, five new transactions are in the works and one merger fell apart.

Summit Community Bank said this month that it merged with Lansing, Mich.-based Providence Mortgage Co., a 10-year-old mortgage broker and lender. The combined bank division will operate as Providence Mortgage Co.

Providence President and Chief Executive Officer Bill Hufnagel will continue to lead the new mortgage operation.

Shareholders of Baltimore-based Provident Bankshares Corp. have approved the acquisition of the institution by M&T Bank Corp., an announcement last week said. Maryland requires at least 66 percent of shareholders to approve a merger. After next month's anticipated closing of the deal, which was originally announced in December, the combined company will have around $72 billion in assets.

Independent Bank Corp. announced Friday that it completed its $85 million acquisition of Benjamin Franklin Bancorp Inc. in a tax-free reorganization. The unit will be merged into Independent Bank subsidiary Rockland Trust Co. next month following regulatory approval. The Rockland, Mass.-based institution reports approximately $4.6 billion in assets.

Baltimore-based Capital Funding Bancorp Inc. announced last week that it will acquire AmericasBank Corp. in a deal projected to close in the second quarter. Terms of the cash transaction, which is subject to regulatory approval, weren't revealed. But Capital Funding did commit to an additional $35 million equity investment and the contribution of a $1 billion loan servicing portfolio once the deal closes. Most of AmericasBank's 30 full-time employees will be retained.

Capital Funding said affiliate Capital Funding Group Inc. has originated more than $1 billion in mortgages secured by health-care facilities and insured by the U.S. Department of Housing and Urban Development since 1993. Townson, Md.-based AmericasBank is state-chartered and operates three Baltimore-area branches as Towson Community Bank, Annapolis Community Bank and AmericasBank.

An agreement for Union Bankshares Corp. to acquire First Market Bank, FSB, was announced on March 30. The $105 million all-stock transaction, expected to close by Dec. 31, will reportedly make Union Bankshares the largest Virginia based community banking organization with 97 branches and more than $3.9 billion in total assets. Union Bankshares President and CEO G. William Beale will be CEO of the combined entity, while First Market CEO David J. Fairchild will be president.

Protective Life Corp.'s agreement to acquire Bonifay Holding Company and subsidiary The Bank of Bonifay was terminated by Bonifay on April 1 because conditional approval for TARP funds had not yet been obtained from the U.S. Treasury, a news release said. Both parties had an option to kill the deal if it had not closed by March 31.

First Niagara Financial Group Inc. said last week it would acquire $0.8 billion in loans, $4.2 billion in deposits and 57 branches in Western Pennsylvania from National City Bank. The divestiture was required as part of The PNC Financial Services Group Inc.'s Dec. 31, 2008, acquisition of National City Corp. The deposits will cost First Niagra a 1.3 percent premium.

An April 1 announcement from Fidelity National Information Services Inc. said the Jacksonville, Fla.-based firm's board of directors has approved the acquisition of Metavante Technologies Inc. The tax-free reorganization, which has also been approved by Metavante's board, is expected to close in the third quarter.

Gaugreault Mortgage Group acquired Providence Mortgage on April 1, Banker and Tradesman reported. Gaugreault said it is currently negotiating the acquisition of several mortgage companies.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

e-mail: [email protected]


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




SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders