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Banks Scoop Up Mortgage Bankers

Recent mortgage-related merger activity


April 10, 2014

By Mortgage Daily staff


A trio of recent mortgage banking deals were made by banks, and one involves a former Wells Fargo & Co. joint venture.

Horizon Bancorp announced that it closed on the acquisition of 1st Mortgage of Indiana Inc. on Feb. 28. The 100 percent cash deal includes an additional cash earn out.

Michigan City, Ind.-based Horizon Bancorp is the parent of Horizon Bank, N.A., while 1st Mortgage was founded in 1994 and serves the Indianapolis area from a single location.

1st Mortgage will operate under the Horizon Bank brand. The co-owners of 1st Mortgage, Cathy and Michael Strawn, have reportedly agreed to stay on and lead Horizon's mortgage banking operations in Central Indiana.

The acquisition of HomeTown Mortgage Services Inc. was announced by InterLinc Mortgage on March 3.

Houston-based InterLinc said annual production at the combined entity is expected to be $700 million. The company will have a total of 228 employees.

Apple Mortgage Corp. was acquired by Sterling National Bank on March 4, parent Sterling Bancorp disclosed. The acquisition gives the Montebello, N.Y.-based bank a foothold in the New York City market.

A partnership was announced last month that has Overland Park, Kan.-based The Federal Savings Bank serving as the financing component of New York-based Douglas Elliman Real Estate.

More than $12 billion in financing is expected to be generated through the venture with 600-employee Federal Savings Bank, which claims to be "one of the largest privately held banks focused on residential home lending in America."

The DE Capital unit previously operated as a joint venture with Wells Fargo Ventures LLC until July 2013, when the Wells Fargo Bank, N.A.-subsidiary disclosed plans to withdraw from eight joint ventures, including DE Capital Mortgage LLC.

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