Mortgage Daily Logo
mortgage news from industry experts

To Be Acquired, or Not to Be Acquired

To Be Acquired, or Not to Be AcquiredRecent mergers, acquisitions and corporate transactions

October 10, 2005

By COCO SALAZAR

Local banks dominated the latest news about mortgage industry mergers.

Wolters Kluwer Corporate & Financial Services said it acquired Web-based compliance solutions provider Entyre.

Wolters noted Entyre’s software platform for data and document management and delivery, which allows compliance testing, and electronic collaboration and communication between and among the numerous stakeholders in the mortgage origination and closing process, the announcement said.

Entyre will reportedly become a part of the financial services customer unit of Wolters.

CUNA Mutual Group recently disclosed it signed a letter of intent to sell its mortgage business to PHH Mortgage.

CUNA Mutual said it decided on the move after several months of strategically reviewing the mortgage unit and concluding additional investment was “required to deliver efficient, best-in-class services to our credit union customers and their members.”

The spin off of CUNA Mutual Mortgage Corp. will result in 175 job losses, with a majority of them being in Wisconsin.

In Fort Worth, Texas, State National Bancshares Inc. announced it completed acquiring all of Heritage Financial Corp.’s capital stock for $53.5 million in cash.

State National said the acquisition is consistent with its growth strategy of expanding in Tarrant County, Texas, as it will expand its footprint in the north and east side of the community to the southwest side of the market.

As for Heritage, this “transaction is going to allow us to expand our services, make larger loans and improve our menu of deposit products,” it said in the announcement.

In Jasper, Ind., German American Bancorp announced it has acquired PCB Holing Co. in a deal valued at $6.7 million.

PCB’s Peoples Community Bank reportedly merged with and into First State Bank, German’s Tell City, Ind.-based banking affiliate.

“The addition of Peoples Community Bank to our growing family of community banks represents a next step in our continuing efforts to provide a vehicle by which smaller community banks can join forces to become more competitive,” said Mark Schroeder, German’s president and chief executive, in the statement.

In Walnut Creek, Calif., PMI Group Inc. announced that it completed selling all of its outstanding stock of SPS Holding Corp. to Credit Suisse First Boston, which exercised its option to acquire SPS in August.

Under terms of the previously announced deal, PMI received an initial $95 million in cash and will receive additional monthly cash payments through the first quarter of 2008 from a residual interest in mortgage servicing assets with an estimated book value at closing of approximately $21 million, according to the announcement.

SPS is the parent of Select Portfolio Servicing Inc., which was formerly known as Fairbanks Capital Corp.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.E-mail: s3celeste@aol.com

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...

Newsletter

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

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION