The acquisition of one Utah-based mortgage firm by another has created a company with more than 2,000 employees and over 200 branches.
Republic Mortgage Home Loans LLC was originally founded in 1983 as Republic Mortgage Corp. It merged with Richards Woodbury Mortgage in 1994.
In 1996, Republic Mortgage was acquired by Old Kent Financial Co. Five years later, former Old Kent management joined with investors to acquire the Salt Lake City-based lender.
Republic Mortgage now operates 44 branches in 12 states and employs a staff of 350. Originations are expected to total $1.054 billion this year, off from $1.655 billion in loan production during 2013.
On Wednesday, Academy Mortgage Corp. announced that it has acquired Republic Mortgage.
Sandy, Utah-based Academy Mortgage was founded in 1988. Prior to the acquisition, branch count was in excess of 160, while headcount was 1,800. Originations are budgeted at $5.431 billion for all of 2014, more than the $5.246 billion closed last year.
The acquisition was done to improve Academy Mortgage’s scale and scope while increasing its pool of talent.
“By joining forces with Republic Mortgage, we will be able to accelerate our opportunities for growth and, most importantly, our opportunities for each individual to push forward our vision to inspire hope, deliver dreams, and build prosperity,” Academy President Adam Kessler said in the statement.
Republic Mortgage President and Chief Executive Officer Scott Leishman noted in the announcement that the two companies share a service-oriented and people-centric culture.
“We are confident that this partnership will greatly benefit our team members by providing them with additional resources and volume to enhance their capabilities moving forward,” Leishman added.
