A mortgage banking firm in the Midwest that generates a billion dollars in loan production annually is being acquired by Guild Mortgage Co.
Guild issued an announcement Thursday indicating that it has reached an agreement to acquire Cornerstone Mortgage Inc.
Cornerstone, which is based in
St. Louis, was founded in 1996 by President and Chief Executive Officer Angi Stevenson and the late Jim Dean.
The company currently operates 19 offices in three states, while Guild has 250 branches in 27 states.
Last year, Cornerstone reportedly originated $1.0 billion. Based on previously reported production data, Guild was on pace to close more than $15 billion in 2017.
The statement indicated that Cornerstone has been
been the fastest growing mortgage banker in Missouri for six consecutive years and the second-biggest St. Louis home lender
for the past three years.
More than 200 employees on
Cornerstone’s payroll will join Guild’s staff of over 4,000.
“We have been admiring their organization for several years and are pleased to enter 2018 with such a strong new presence in the Midwest,” Guild Mortgage President and CEO Mary Ann McGarry said in the news release.
After the deal closes, Stevenson will become Guild’s regional vice president for the Midwest.
Terms of the acquisition, which is expected to close on March 1, weren’t disclosed.