Mortgage Daily

Published On: December 26, 2006
Co. Looking for Mortgage Acquisitions

Recent mortgage mergers, acquisitions & corporate activity

December 26, 2006

By COCO SALAZAR

photo of Coco Salazar
A California company that has recently gotten its financials in order is now looking for mortgage acquisition candidates.

But first, Flushing Financial Corp. named Francis Korzekwinski executive vice president, chief of real estate lending, according to an announcement. In his new duties, Korzekwinski will be responsible for the residential mortgage and servicing operations.

Planters Bank and Trust Co. and Oregon Pacific Bank each consented to an order by the Federal Reserve to pay a civil money penalty due to alleged violations of regulations implementing the National Flood Insurance Act. Without admitting to any allegations, Planters agreed to pay $6,750 and Oregon agreed to pay $4,950.

FNB United Corp. will restate its financial statements for the quarter and nine months ended Sept. 30, 2006, as a result to an overstatement of an estimated loss through a miscalculation associated with paydowns on mortgage-backed securities, the company announced today. The loss was originally estimated at $812,500, net of income taxes but is actually $360,000.

Ent, the largest credit union in Colorado, will grow even bigger when it acquires Decibel Community Credit Union on Jan. 1, 2007, according to an announcement. All data and service operations will be consolidated three months later.

Merrimack County Savings Bank will buy Bow Mills Bank and Trust in a $22.5 million stock-and-cash deal expected to close in the first half of 2007. The combined bank will operate under the Merrimack name, remain a mutual institution, and rank fourth among independent banks headquartered in New Hampshire, according to a press release.

Opteum Inc. announced on Thursday that it sold a 7.5% non-voting limited liability company membership interest in its subsidiary, Opteum Financial Services LLC, to Citigroup Global Markets Realty Corp. for about $4.1 million — a move it expects will bring substantial cost savings at the subsidiary. Citigroup has an option to purchase an additional similar interest in the subsidiary before Dec. 31, 2007.

“We have long considered Citigroup Realty a strategic business partner and are eager to expand our relationship with them,” said Peter R. Norden, president and chief executive of Opteum Financial, in the announcement. “With lower funding costs and even greater access to capital, we are well positioned to profitably increase our market share as we leverage our multi-channel mortgage origination platform.”

Western Alliance Bancorporation announced it will acquire First Independent Capital of Nevada in a deal valued at $105 million expected to close in next year’s second quarter. The deal will “dramatically” expand Western’s market share in northern Nevada.

Additionally, Western Alliance said it expects to sell up to 25 percent of its $609 million securities portfolio to improve its liquidity, interest margin, and future earnings. The proposed sale will result in an after tax loss this quarter of up to $3.0 million.

Huntington Bancshares Inc. has agreed to acquire Sky Financial Group Inc. in a $3.6 billion stock-and-cash transaction expected to close early in the third quarter of 2007, according to an announcement Wednesday. Marty Adams, Sky’s chairman, president, and CEO will reportedly be appointed president and chief operating officer of the merged company.

“As a result of the merger, Huntington will become the 24th largest domestically-controlled bank in the country,” said Thomas E. Hoaglin, Huntington’s chairman, president, and CEO, in the announcement.

Allied Home Mortgage Capital announced that it opened a new branch in Royal Oak, Mich. This is reportedly the 55th branch the self-described largest privately held broker/banker has opened so far this year.

New York-based Provantage Funding Corp. has agreed to be acquired by the Wilber Corp., according to an announcement Thursday. The deal, still subject to regulatory approval, is expected to close early next year.

“Our current market place is stable but not growing,” said Wilber CEO Douglas C. Gulotty in the statement. “The Capital District presents a new opportunity for growth, particularly with the region’s emergence as a center for technology.

Provantage’s current president, Robert A. Hayes, will reportedly stay on as chief of the acquired entity.

Silverado Financial Inc. said it has agreed with outside parties to fund the completion of its fiscal 2005 audit as well as all delinquent filings, and is moving forward with plans to reapply for listing on the OTC Bulletin Board around next quarter. The Beverly Hills, Calif.-based company also said is “aggressively seeking new acquisition candidates in the mortgage services sector and in real estate development in newly emerging markets,” and hopes to bring revenue to positive footing in the second or third quarter next year.

 

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


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