|Recent mortgage related mergers and acquisitions are dominated by transactions between small banks.
St. Louis, Mo.-based First Banks Inc. will acquire First National Bank of Sachse, a national banking association that operates one banking office in Sachse, Texas, according to a recent announcement. The $20.8 million, all-cash transaction is expected to be completed during the fourth quarter.
First National “is an attractive banking franchise in a rapidly growing and highly desirable suburban Dallas community that will complement our existing six branch offices in the Dallas metropolitan area as well as our four branch offices in the Houston metropolitan area,” commented First Banks CEO Allen Blake in the announcement.
First National said it “recognized the increasing need to provide a wider array of financial products.” Amongst those services that will reportedly benefit from the merger is mortgage lending.
In Greensburg, Ind., MainSource Financial Group announced it completed the purchase of The Madison Bank and Trust Co., a former subsidiary of National City Corp.
MainSource said the transaction enables it to build on its increased presence in southeastern Indiana and provides entry into Ohio County.
Certain offices of the Madison, Ind.-based company and MainSource Bank of Indiana have consolidated and will operate as MainSource Bank, the announcement said.
MainSource’s non-banking subsidiaries reportedly include MainSource Mortgage LLC and MainSource Title LLC.
Alabama National BanCorporation announced Wednesday that its subsidiary First American Bank acquired Byars and Company Inc. Terms of the deal were not disclosed.
Byars is reportedly a commercial mortgage banker the origination of permanent commercial real estate mortgage loans for various lenders.
“We believe our commercial real estate borrowers will benefit by having access to a permanent loan source within our company,” said Alabama National CEO John Holcomb in the announcement.
Bryars will continue to operate under its own name and each of its principals has agreed to remain with Birmingham, Ala.-based First American post-acquisition, according to the announcement.
Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...