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Execs Play Musical Chairs

Execs Play Musical Chairs

Recent mergers, acquisitions & corporate activity

January 30, 2007

By COCO SALAZAR

photo of Coco Salazar
The latest merger and corporate activity in real estate finance includes a new home lender in Utah and another investment banker’s purchase of a private lender. And there was no shortage of executive appointments.

On Thursday, William Ott will be the interim president and chief executive officer of the Federal Home Loan Bank of Atlanta, replacing Raymond R. Christman, who will retire the previous day but serve in advisory position for the next several months, according to an announcement.

The FHLB Atlanta also recently announced that Scott Harvard, Shore Bank president and CEO, was elected chair of the board of directors, as term of former chair, John Kottmeyer, expired at yearend 2006.

At FNB Corp., William B. Littreal was reportedly hired as the executive vice president and chief financial officer to replace Daniel A. Becker upon Becker’s planned retirement.

North Central Bancshares Inc. appointed Paul F. Bognanno to succeed David M. Bradley as president and CEO and to become CEO of subsidiary First Federal Savings Bank of Iowa on July 1, 2007. Bradley will remain chairman of the parent and subsidiary in an executive officer position.

First Horizon National Corp. appointed board member Michael D. Rose to the role of chairman, and named chief operating officer, Jerry Baker, as its new CEO, the Memphis, Tenn.-based company said on Monday. They will replace current Chairman and CEO J. Kenneth Glass, who will retire on April 17, the date of the company’s annual meeting, but will serve as a consultant until the end of the year.

The president of the National Association of Mortgage Brokers, Harry Dinham, will serve on Fannie Mae’s National Housing Advisory Council, a move he says gives him the “the opportunity to further advance the cause of both mortgage brokers and homeowners on a national scale,” according to an announcement.

In its capacity as a master servicer, Residential Funding Co. announced it delivered notices terminating the servicing rights of Emax Financial Group LLC and subservicing rights of Mortgage Lenders Network USA Inc. with respect to loans serviced for RFC or its securitization trusts. MLN had previously agreed to the termination of the subservicing agreement it had with EMAX.

Proficio Bank, the Salt Lake City, Utah-based de novo bank of NHB Holdings Inc., received regulatory approval to offer specialized banking and mortgage services to the relocation, homebuilding and real estate brokerage industries.

Merrill Lynch will buy First Republic Bank in a cash-and-stock deal valued at $1.8 billion and expected to be completed in the third quarter, the companies announced.

First Republic, a private banking and wealth management firm, will retain its name and operate as a stand-alone brand within Merrill, the announcement said.

Earlier this month, Merrill closed on the acquisition of subprime wholesaler First Franklin’s, as well as National City Home Loan Services and NationPoint.


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


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