Mortgage Daily Logo
mortgage news from industry experts

Mortgage Mergers Sustain

Mortgage Mergers SustainRecent mergers and acquisitions activity

May 3, 2005


Mergers, name changes and a new Nevada mortgage lender are among the latest news about corporate activity in the mortgage industry.

Columbia-based South Carolina Bank and Trust N.A. said Monday it has agreed to purchase the assets of Devine Mortgage LLC, a lender started in Columbia, S.C., in 2003.

The Devine Mortgage office will reportedly become a South Carolina Bank loan production office and provide residential mortgages, as well as consumer and commercial lending services.

In Vancouver, Wash., Riverview Bancorp announced that it completed acquiring American Pacific Bank, which has merged with and into Riverview Community Bank.

“The acquisition represents Riverview’s entry into the attractive Portland market area and highlights our commitment to expand into selective new, high-growth banking markets around the Portland metropolitan area,” said Riverview Chairman and CEO Pat Sheaffer in the prepared statement.

The parent of Riverview Mortgage indicated in the announcement that the three branches of Portland, Ore.-based American Pacific and its employees started operating under the Riverview banner as of last week.

In St. Louis, Mo., TALX Corp. announced it acquired substantially all the assets of Glick & Glick Consultants LLC for $5 million in cash.

Glick, of the Dallas area, specializes in obtaining hiring tax credits and other federal, state and local tax credits and incentives for its clients, according to the announcement.

Glick reportedly fits naturally with TALX existing tax and incentive services offerings, and provides additional clients that can benefit from other TALX services, such as its two key employment-related services — automated employment and income verification services via The Work Number and unemployment cost management services.

TALX says thousands of organizations ranging from government agencies to major mortgage lenders use its employment and income verification service.

Lynwood, Wash.-based Phoenix Savings Bank recently announced its name change to Pacific Crest Savings Bank and its first expansion outside of Washington with a mortgage lending unit in Stateline, Nev.

While the original name was chosen to represent its predecessor’s (Phoenix Mortgage Co.) rising from the ashes of an earlier mortgage company, the name change was executed to eliminate confusion that it was a bank based in Arizona, according to the Seattle Post-Intelligencer.

The bank says it has closed over $7 billion in home loans since its creation in 1984 as Phoenix Mortgage, which converted to a savings bank in 1998.

The Pacific Crest Mortgage lending center was launched Sunday in the Lake Tahoe market of Nevada. The unit provides an expanded selection of in-house products and local underwriting, which “will allow the staff to expedite the approval and funding process, delivering an increased level of service to real estate professionals and homebuyers in the Tahoe area,” the bank reported.

The new mortgage unit expands the Washington-based lineup of three Pacific Crest full service offices and two construction lending offices.

Coco Salazar is an assistant editor and staff writer for


Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts