Firms are lined up around the block for Federal Reserve approval of proposed banking acquisitions, while dozens of federally insured institutions were acquired in the first quarter. Two mortgage company acquisitions — including one servicer — were also recently completed.
Stonegate Mortgage Corp. announced Monday the acquisition of servicer Swain Mortgage Co. Mansfield, Ohio-based Swain is approved to service Fannie Mae and Ginnie Mae loans. Its servicing portfolio is more than 2,000 loans for $175 million.
Swain is a third-party originator, according to Indianapolis-based Stonegate — which itself reports $400 million in annual wholesale and retail originations.
Barron Mortgage has been acquired by Bank of Little Rock Mortgage — an 11-year-old subsidiary of Bank of Little Rock.
Relational Investors LLC and several other parties have applied with the Federal Reserve Bank of Kansas City to acquire voting shares of Guaranty Bank and Trust Co. parent Guaranty Bancorp, according to the May 21 Federal Register.
The Federal Reserve Bank of Atlanta received an application from First America Holding Corp. to acquire all of the voting shares of MRCBÂ Holdings Inc. and operate a savings association, a May 27 Federal Register said. Hantz Holdings Inc. applied with the Federal Reserve Bank of Chicago to acquire all of the voting share of Davison State Bank in Michigan.
The May 28 Federal Register indicated that the Federal Reserve Bank of Minneapolis had received applications from Robb B. Kahl, the trustee of two Glenn A. Solsrud revocable trusts, to indirectly acquire voting shares of Unity Bank.
Charles A. Adams, Holly A. Bailey, Howell Paving Inc.and the Howell-Adams Foundation applied with the Chicago fed to purchase voting shares of First Mid Illinois Bancshares Inc. — parent of First Mid Illinois Bank & Trust, N.A., the May 29 Federal Register said. International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers applied with the Kansas City fed to acquire up to 51 percent of the voting shares of Brotherhood Bancshares Inc., parent of The Brotherhood Bank & Trust Co. Franklin Resources Inc. applied with the Federal Reserve Bank of San Francisco to acquire 9.90 percent of the voting shares of Black River BankVenture Inc., parent of Allegiance Bank of North America.
BankCap Partners Fund I L.P. is among a group of entities applying with the Federal Reserve Bank of Dallas to acquire 100 percent of First Bankshares Inc.’s voting shares, thereby indirectly acquire voting shares of SuffolkFirst Bank, according to yesterday’s Federal Register. Paint Rock Bancshares Inc. applied with the Dallas fed to become a bank holding company by acquiring 100 percent of the voting shares of First State Bank in Paint Rock, Texas.
Today’s Federal Register indicated that the Federal Reserve Bank of Minneapolis received an application from the Donald A. Hanson Family Trust to acquire a controlling interest in First State Bank Minnesota parent First LeRoy Bancorporation Inc. The Federal Reserve Bank of Philadelphia received an application from JJR Holding Co. to acquire all of the voting shares of First BankAmericano. Hulett Bancorp applied with the Kansas City fed to acquire all of the voting shares of The First National Bank of Ekalaka in Montana.
The Federal Deposit Insurance Corporation reported that 50 institutions it insures were absorbed by mergers during the first quarter. Only one of those mergers, however, involved a bank with more than half of its assets in residential loans.
This year will be one of significant consolidation for the title industry, according to Performance of Title Insurance Companies released last week. Following Land America Financial Group’s bankruptcy, Fidelity National bought the remaining title underwriters and became the country’s biggest title insurance group.
In addition, Mason Title Insurance Co. merged with Alliant National Insurance Co., Stewart Title Insurance Co. absorbed Monroe Title Insurance Co. and Stewart Title Guaranty Co. will assume Alliance Title of America. First American revealed plans to merge 12 companies into larger other First American underwriters this year.
