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Mortgage Mergers Jump

Recent mergers and acquisitions

Nov. 11, 2009

By SAM GARCIA


In addition to 18 bank merger transactions, nearly 10 new deals to acquire mortgage lenders and default service providers emerged. One of the acquirers is on the prowl for more targets.

Select Mortgage Group Ltd. was acquired by Wright-Patt Credit Union, an Oct. 29 announcement indicated. The move was made to "bolster" service to the Fairborn, Ohio-based institution's members.

The Dayton, Ohio-based firm will maintain its name, its management team and its 12 employees, the statement said. Select has provided mortgage origination services to credit unions for more than two decades.

Maryland-based Two Harbors Investment Corp., a new investment firm targeting mortgage-backed securities, announced that shareholders of New York-based Capitol Acquisition Corp. approved a merger between the two companies on Oct. 26. The deal was slated to close on Oct. 28.

Amtec Funding Group LLC is acquiring Merchants Home Loan, an Oct. 26 press release indicated. The merger, expected to close on Nov. 15, is Amtec's first entry into the Arizona market. Merchants said it previously was part of Mortex Lending Ltd.

"The Merchants - Amtec alliance provides Merchants with greater credit capacity and more direct access to the secondary mortgage markets, specifically to additional FHA funding," the statement said.

The Memphis Business Journal reported that American Mortgage Services Inc. acquired DeSoto Home Mortgage and is interested in other opportunities in Oxford, Miss.; Jackson, Tenn.; and Jonesboro, Ark.

In addition, the Journal reported Merchants & Planters Bank's Sept. 15 acquisition of Mortgage Lending Consultants and the October acquisition of Delta Trust Mortgage Corp. by Evolve Bank & Trust.

San Ramon, Calif.-based CMG Mortgage Inc. acquired Kirkland, Wash.-based Northwest Financial Advisors, the San Francisco Business Times reported. Northwest reportedly sells a loan program that utilizes a checking account and a mortgage to manage cash flow -- something similar to what CMG offers.

Paladin Strategic Partners announced Monday that it acquired a controlling interest in distressed mortgage investor HomeSaver Mortgage Management LLC. With foreclosures expected to rise, Paladin saw an opportunity to capitalize on HomeSaver's strategy of reducing the principal balances on acquired assets.

A news release last week said Lender Processing Services Inc. had acquired REO auction house Rising Tide Auctions. The transaction is expected to enable Jacksonville, Fla.-based LPS to help servicers minimize REO timelines and reduce costs. It's also expected to boost the service provider's standing as a one-stop shop for default services.

In Connecticut, Union Savings Bank announced on Oct. 26 that it had agreed to acquire First Litchfield Financial Corp. and subsidiary The First National Bank of Litchfield. The $35 million deal has been approved by both firms' boards of directors. The combined company will have $2.5 billion in assets, $1.7 billion in deposits and 28 Connecticut branches.


Shareholders of Richmond, Va.-based Union Bankshares Corp. have approved its acquisition of First Market Bank, FSB. Shareholders also approved the change of the corporate name to Union First Market Bankshares Corp. The combined organization will have more than $4 billion in assets and will be "the largest community bank in Virginia."

Bryn Mawr Bank Corp. said in a Nov. 3 news release that it reached an agreement to acquire First Keystone Financial Inc., parent to First Keystone Bank. The deal involves cash and stock. Both companies are based in Pennsylvania.

The Federal Reserve Board reported that it received applications for the following transactions.

Acquirer Acquisition Target Regulator Overview
Annesley, Thomas M., as trustee of the William R. Oliver GST Exempt Trust and the Jackson T. Oliver GST Exempt Trust Valliance Financial Corp., Valliance Bank Federal Reserve Bank of Kansas City Retain control.
Central Bancompany Inc. Overland Bancorp Inc., Bank of Belton Federal Reserve Bank of St. Louis Acquire 100% of voting shares.
Charles River Bancorp, Charles River Bancorp Inc. Charles River Bank Federal Reserve Bank of Boston Become mutual bank-holding company and stock bank company by acquiring 100% of voting shares.
Community Bancorp of Louisiana Inc. United Community Bancshares Inc., United Community Bank Federal Reserve Bank of Atlanta Merge and acquire.
The Davis family, consisting of Clay Parker Davis; Jodie Davis Owings; Scott H. Owings; Charles W. Owings; The Cooper Family, consisting of Cornelia D. Cooper, individually, and as Executrix of The Estate of Richard E. Cooper; Cornelia C. Vaughan; Frank D. Cain; The Merrick family, consisting of Odell Merrick; Deborah L. Merrick-Eades; Cameron D. Merrick; Stephanie D. Merrick; Stephen D. Merrick; The Rakestraw family, consisting of Harris Rakestraw, III; Angel L. Rakestraw-Godby; Joy B. Carroll; Harris Rakestraw, III and Connie Belle Harris-Rakestraw, as Co-Trustees of The Benjamin H.Rakestraw-Godby Irrevocable Trust; The Waddle family, consisting of Cy Waddle, individually, and as Trustee of The Cy Waddle Revocable Living Trust; Gary C. Waddle; Thomas P. Waddle; Jean Waddle, individually, and as Trustee of The Jean Waddle Revocable Living Trust; The Hawkins Family, consisting of Virginia Hawkins, individually, and as Trustee of the James F. Hawkins Revocable Living Trust; James F. Hawkins, III; Judith A. Holtzclaw; James Hawkins, IV; Samantha Jo Hawkins; Amy Barnett, all of Somerset, Kentucky; and Marsha E. Hawkins-Barnett Citizens Bancshares Inc., Citizens National Bank of Somerset Federal Reserve Bank of Cleveland Acquire voting shares.
EB Financial Group Inc. Baytree National Bank & Trust Co. Federal Reserve Bank of Chicago Acquire 100% of voting shares.
First National Security Co. Heritage Capital Corp., Heritage Bank Federal Reserve Bank of St. Louis Acquire 100% of voting shares.
Jensen, Mary Jean, to join a group acting in concert, consisting of Carveth and Margaret Thompson; Gary and Nancy Vance; Eldon Jensen; Morris Gustafson Faith Bank Holding Co., Farmer's State Bank Federal Reserve Bank of Minneapolis Retain and acquire voting shares.
Moran, Gail S. ; Carroll E. and Holly L. Moran, individually; and Carroll E. Moran, as trustee of the Moran Irrevocable Trust. Rice Bancshares Inc., The First State Bank Federal Reserve Bank of Dallas Acquire 23% or more of outstanding shares of common stock.
Patriot Financial Partners, GP, L.P.; Patriot Financial Partners, L.P.; Patriot Financial Partners Parallel, L.P.; Patriot Financial Partners, GP, LLC; Patriot Financial Managers, L.P.; and Ira M. Lubert, W. Kirk Wycoff and James J. Lynch TIB Financial Corp., TIB Bank Federal Reserve Bank of Philadelphia Acquire voting shares.
Porter Bancorp Inc. Citizens First Corp., Citizens First Bank Federal Reserve Bank of St. Louis Acquire 100%.
Reed, Ronald R. Michigan Community Bancorp Ltd., Lakeside Community Bank Federal Reserve Bank of Chicago Retain voting shares.
Stockmens Financial Corp., Stockmens Limited Partnership Valentine Bancorporation, First National Bank of Valentine Federal Reserve Bank of Kansas City Acquire 100% of voting shares.
Trimble, David G., as trustee of the Glenn W. Trimble Jr. Trust Vici Bancorporation, Bank of Vici Federal Reserve Bank of Kansas City Retain control.
TWO ROA LLC RB Bancorporation, Reliance Bank Federal Reserve Bank of Atlanta Become bank-holding company by acquiring 51% of voting shares.

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

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