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Over 30 New M&A Deals

Mortgage News

In addition to dozens of pending bank acquisitions, deals were recently struck to acquire a reverse mortgage lender, an FHA lender and a privately owned Florida lender. Other transactions include a joint venture with a Wells Fargo & Co. subsidiary and two acquisitions involving mortgage service providers. In all, more than 30 transactions have been identified during the past two weeks.

AAXA Mortgage announced last week that it has become a direct subsidiary of FNBK, a federally chartered bank based in Kinmundy, Ill. The deal enables Wilmington, N.C.-based AAXA, which has 100 employees, to expand its mortgage operations to all 50 states. In addition to traditional mortgages, AAXA  provides reverse mortgages.

“This alliance will open possibilities for success that would not otherwise be available in the current regulatory environment under the existing multi-state mortgage broker platform,” AAXA Chief Executive Officer Greg Gianoplus said in the statement.

Evolution Capital Partners announced on Sept. 28 an equity investment in FHA lender American Eagle Mortgage. Lorain, Ohio-based American Eagle provides loans in Florida, Kentucky and Ohio. The move is expected to help American Eagle reach its full potential.

FBC Mortgage LLC disclosed on its Web site that it acquired Tampa-based First Alliance Mortgage Co. FBC claims to be one of the largest privately owned mortgage lenders in Central Florida.

Prudential Douglas Elliman Real Estate and Wells Fargo Ventures LLC, a subsidiary of Wells Fargo Bank, N.A., have launched DE Capital Mortgage LLC, according to a Sept. 21 statement. The joint venture will originate and fund residential mortgages in New York.

“The joint venture will leverage Wells Fargo Home Mortgage’s underwriting, processing and servicing services for homebuyers working with Prudential Douglas Elliman’s 3,800 sales professionals in more than 60 offices,” the press release said.

The Federal Reserve Board released a statement Thursday that it approved a proposal by Sandhills Bancshares Inc. to become a bank holding company and acquire all the voting shares of TransPecos Banks-Iraan. Both companies are based in Iraan, Texas.

Last month’s disclosure that Caliber Funding LLC agreed to acquire technology and operational assets from StoneWater Mortgage was followed by a notice from Stonewater that it would not accept any new business after Sept. 18. The deal was slated to close on Sept. 25.

Rumors of potential merger between OneWest Bank FSB and CIT Group Inc. by hedge fund Paulson & Co. is not true, according to published reports. While shares of CIT initially rose following word of the potential deal, prices subsequently tumbled as CIT scrambled to work out a survival plan.

The Federal Reserve Board reported that the applications have been received for the following mergers, acquisitions and other transactions.

Acquirer Acquisition Target Regulator Overview
1st Pacific Bancorp FB Bancorp, First Business Bank, National Association Federal Reserve Bank of San Francisco Acquire 100% of voting shares.
Affiliates Management Co. CrediCard National Bank Federal Reserve Bank of Chicago Become bank-holding company by acquiring 100% of voting shares.
Brown, Harmon A. First Community Bancshares Inc., Killeen, FCBI Delaware Inc., First National Bank Texas, Fort Hood National Bank Federal Reserve Bank of Dallas Become independent trustee and acquire voting shares.
BW Acquisition LLC Utah Community Bancorp, Utah Community Bank Federal Reserve Bank of San Francisco Become a bank-holding company by acquiring 57.7% of voting shares.
CapGen Capital Group LLC, CapGen Capital Group LP The BANKshares Inc., BankFIRST Federal Reserve Bank of Richmond Acquire additional 14.4% for total of 36.2% of voting shares.
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 II, Judith A. Holtzclaw, James Hawkins IV, Samantha Jo Hawkins, Marsha E. Hawkins-Barnett Citizens Bancshares Inc., Citizens National Bank of Somerset Federal Reserve Bank of Cleveland Acquire voting shares.
FB Bancorp First Business Bank, National Association Federal Reserve Bank of San Francisco Become bank-holding company by acquiring 100% of voting shares.
Fleming, Robert D., Phyllis A. Fleming as a group acting in concert, Joseph J. Dietz, Lewistowne ISB Bancshares Inc., Ipava State Bank Federal Reserve Bank of Chicago Retain voting shares.
Geiger, Earl E. Heritage Bancshares Group Inc., Heritage Bank, NA, (Spicer, Minn.), Heritage Bank, NA, (Holstein, Iowa) Federal Reserve Bank of Minneapolis Acquire voting shares.
The Goldman Sachs Group Inc., Atlantic Capital Bancshares Inc., Atlantic Capital Bank Federal Reserve Bank of New York Retain 9% of voting shares.
The Goldman Sachs Group Inc., Avenue Financial Holdings Inc., Avenue Bank Federal Reserve Bank of New York Retain 9.8% of voting shares.
The Goldman Sachs Group Inc., Doral Holdings L.P., Doral Bank Federal Reserve Bank of New York Retain 6.6% of voting shares and engage in operating a savings and loan association.
The Goldman Sachs Group Inc., The First Marblehead Corp., Union Federal Savings Bank Federal Reserve Bank of New York Retain indirect interest.
Iowa Credit Union League Affiliates Management Co., CreditCard National Bank Federal Reserve Bank of Chicago Become bank-holding company by acquiring 100% of voting shares.
Linn County Bancshares Inc. First Missouri Bancshares Inc., First Missouri National Bank Federal Reserve Bank of Kansas City Become a bank-holding company by acquiring 100% of voting shares and merging.
Lovell Minnick Holdings LLC, Lovell Minnick Partners LLC, Lovell Minnick Equity Advisors II LLC, Lovell Minnick Equity Partners II L.P., LM-SNBT LLC Three Shores Bancorporation Inc., Seaside National Bank & Trust Federal Reserve Acquire voting shares.
Nantahala Bancshares Inc. Nantahala Bank & Trust Co. Federal Reserve Bank of Richmond Become bank-holding company by acquiring 100% of voting shares.
Pratt Community Bancshares Inc. First Pratt Bancshares Inc., First National Bank in Pratt Federal Reserve Bank of Kansas City Become bank-holding company by acquiring 100% of voting shares and merging.
Salim, Astrid, Axton Salim, Jakarta Salim GBC Holdings Inc., GBC International Bank Federal Reserve Bank of San Francisco Individually acquire voting shares.
Sidhu, Jay New Century Bank Federal Reserve Bank of Philadelphia Acquire voting shares.
TRSD Holdings LP, Thomas Fabbri as trustee of The Thomas Fabbri Revocable Trust Level One Bancorp Inc., Level One Bank Federal Reserve Bank of Chicago Acquire voting shares.
Union Bankshares Corp. FMB UBSH Interim Bank, First Market Bank FSB Federal Reserve Bank of Richmond Acquire 100% of voting shares.
Vivar, Alma Medina as part of a group acting in concert including Rommel and Ruell Medina MNB Holdings Inc., Mission National Bank Federal Reserve Bank of San Francisco Individually acquire, and to collectively acquire, voting shares.


ISGN Corp. said last week it has agreed to acquire Fiserv Inc.’s Loan Fulfillment Services business for an undisclosed price. The acquired unit provides home-equity loan fulfillment outsourcing services — including closing and settlement services, fee appraisals and home retention programs — to financial institutions. The transaction is expected to close this month. Fiserv will retain a minority interest in the unit.

Winthrop Resources Corp. acquired Fidelity National Capital Inc. from Fidelity National Financial Inc., a Sept. 25 news release indicated. Net proceeds on the deal were around $50 million. Fidelity National Capital provides technology financing and leasing solutions.

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