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Bank-Mortgage Mergers Continue

Recent mortgage merger activity

Sept. 23, 2015

By SAM GARCIA Mortgage Daily



portrait of Sam Garcia

Following a recent spate of mergers between banks and mortgage firms, two more such deals are in the works. Several other mortgage mergers and acquisitions have also closed.

The sale of Castle Mortgage Corp. netted parent-Bexil American Mortgage Inc. $725,000 in cash, an announcement Wednesday said.

Bexil withdrew $4.7 million in cash and receivables from Castle at the closing, and the buyer -- which was not identified in the statement -- recapitalized the lender.

Castle is a wholesale lender based in San Diego. It was only acquired by Bexil in January 2013.

First Cloud Mortgage Inc. has been created by eXp Realty International Corp., a Sept. 11 statement said. The new Delaware corporation has reportedly obtained its Nationwide Mortgage Licensing System number.

eXp's interest in the new company is 80.5 percent, while First Cloud Mortgage President Timothy Mulvehill and First Cloud Vice President Victor Butschek own the remaining 19.5 percent.

An agreement was reached for Randolph Bancorp to acquire First Eastern Mortgage parent-First Federal Savings Bank of Boston and the bank-holding company First Eastern Bankshares Corp., a news release earlier this month said.

First Eastern Mortgage operates eight loan production offices and an operations center in Massachusetts. The company services $0.7 billion in home loans.

The transactions is expected to close in late 2015 or early 2016, subject to regulatory approval.

"When the transaction is completed, Randolph Savings Bank expects to originate over $500 million annually in new residential mortgage loans," the statement said. "As part of the transaction, Peter J. Fraser, long-time President of First Eastern, will lead the combined residential lending division with Ryan Kirwin, current SVP of Residential Lending at Randolph Savings."

Professional Mortgage Services Inc. is a mortgage broker based in Berlin, Maryland. The 25-year-old company originates both residential and commercial real estate loans.

An article published by KMALand last month indicated that Tri-Valley Bank is acquiring Professional Mortgage in a deal expected to close this month, subject to regulatory approval. The broker will become a bank office and keep its current staff.

The acquisitions by Randolph Savings Bank and Tri-Valley Bank follow HarborOne Bank's July acquisition of Merrimack Mortgage Company Inc., First Financial Bank, N.A.'s, purchase of 4Trust Mortgage and the acquisition of a controlling interest in Goldwater Bank, N.A., by Westar Mortgage Corp.-owner Kent Wiechert.

A sizable stake in First Guaranty Mortgage Corp. has been acquired by one of PIMCO's investment funds, Inside Mortgage Finance reported Monday. Frederick, Maryland-based FGMC is reportedly on track to originate $4 billion this year.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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