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Warehouse Lender to Originate

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Warehouse Lender to Originate

Recent mergers, acquisitions & corporate activity

December 18, 2006

By COCO SALAZAR

photo of Coco Salazar
Headlining the latest mortgage-related mergers, acqusitions and other corporate activity was a California-based provider of mortgage broker warehouse lines that is getting into originations itself.

But first, Richard K. Davis recently succeeded Jerry A. Grundhofer as chief executive officer of U.S. Bancorp and will retain his title of president, the company announced. The change takes place in accordance with an established succession plan announced in July.

South Street Financial Corp. said it plans to deregister its common stock and terminate its obligations to file reports with the Securities and Exchange Commission. The parent of Home Savings Bank of Albemarle Inc. said the move will eliminate the costs associated with the reporting requirements and allow it to focus on its operations.

On Dec. 18, the shares of Farmers Capital Bank Corp., previously traded on the NASDAQ Capital Market, will start being traded in the NASDAQ Global Select Market, which has the highest initial listing standards of any exchange in the world based on financial and liquidity requirements, according to an announcement.

Allied Home Mortgage Capital Corp., the nation’s self-described largest privately held broker/banker, reported that it opened a branch in Honolulu, Hawaii. The office is Allied’s first one in this city, the third in the state, and 54th in the country so far this year.

GMAC Mortgage LLC, with a subservicing portfolio in excess of $54.2 billion at the end of the third quarter, will gain even more ground as it will now handle interim subservicing for Metrocities Mortgage LLC, according to a press release.

Stifel Financial Corp. recently agreed to acquire privately held First Service Financial Co. and its subsidiary FirstService Bank for about $38 million in cash, representing two times First’s fully converted equity at Sept. 30, 2006, according to an announcement.

John Dubinsky, a current director of Stifel who agreed to serve as chairman of First following the acquisition, said the merger transaction is innovative in that an investment bank is acquiring a bank versus the other way around.

Citizens Banking Corp. reported it received approval from the Federal Reserve System to acquire Republic Bancorp Inc. in a deal expected to close this month. The companies announced today that 18 branches will be closed as a result of the transaction.

Franklin Bank announced it completed acquiring two banking offices of Equity Bank located in Mount Vernon and Winnsboro, Texas, a transaction that is complementary to its East Texas network.

Meanwhile, Omega Bank and American Hone Bank created a joint venture, Omega Financial Mortgage Solutions LLC. The new company will be 49 percent owned by Omega Bank, headquartered in Mountville, Pa., and Steve DiPangrazio will serve as its director.

John Dubinsky, a current director of Stifel who agreed to serve as chairman of First following the acquisition, said the merger transaction is innovative in that an investment bank is acquiring a bank versus the other way around.

Global Energy Resources Inc. said it expanded the mortgage services of its financial division, which offers a warehouse line utilized by mortgage brokers and certain lending groups, by completing the acquisition of Saddleback Funding Corp., a California-based mortgage banker whose loan volume is expected to approach $80 million this year.

“As soon as we complete our year-end audited financials, our capacity for funding increases to accommodate our new business and will noticeably contribute to the growth of overall loan volume,” said Saddleback President and founder Tim Jourkowski in the announcement.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com

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