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Founders Re-Acquire FBC

Sterne Agee sells mortgage unit

April 8, 2015

By MARY SHANKLIN Orlando Sentinel (Tribune News Service)


The founders of Orlando, Florida-based residential mortgage lender FBC Mortgage LLC re-acquired their company after they had sold it three years ago to an affiliate of Sterne Agee Group Inc. of Birmingham, Ala.

Pine Court Holdings LLC, which finalized its purchase of the mortgage company March 31, is owned by Sal "Joe" Nunziata, Robert Nunziata, and a group of FBC executives, employees, and former investors.

Company officials valued the 2012 sale to Sterne Agee at $10 million to $25 million in cash or stock for FBC shareholders. Investors included Orlando-based Florida Bank of Commerce, which has a 23 percent stake.

The recent sale terms were confidential, an FBC spokesman said.

With an estimated 450 employees, FBC is licensed in 45 states.

The company funded just under $1 billion in residential mortgages in the first quarter of 2015 and is on track for more than $3 billion of transactions, said Rob Nunziata, co-manager of Pine Court Holdings and co-chief executive officer of FBC Mortgage.



e-mail writer: [email protected]

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Copyright (c) 2015, Orlando Sentinel

Distributed by Tribune News Service.


This story was distributed by TNS - Tribune News Service
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