Most of the latest mergers and acquisitions involving mortgage lenders were bank deals, though a mortgage servicer is being spun off. One financial institution wants to unload three of nine failed banks it recently acquired.
Green Tree Financial will spin off its manufactured housing mortgage servicing operation in a $380 million deal expected to close this year, the Star Tribune reported. Green Tree Servicing LLC reportedly services more than 700,000 loans for $33.4 billion.
Tucson, Ariz.-based Sundt Mortgage Group has been acquired by V.I.P. Mortgage Inc. of Scottsdale, Ariz., the Arizona Daily Star reported.
U.S. Bank National Association recently announced that it wants to unload three of the nine banks it acquired from the Federal Deposit Insurance Corporation in late October. The nine banks were all subsidiaries of Oak Park, Ill.-based FBOP Corp.
The banks that are up for sale — all located in Texas — are Citizens National Bank of Teague, Madisonville State Bank of Madisonville and North Houston Bank of Houston. U.S. Bank will have no retail branches in Texas after the sale.
Badger Anchor Holdings LLC agreed to make a $400 million investment in Anchor BanCorp Wisconsin Inc., according to a Dec. 1 announcement. Before the deal closes, however, Badger needs to resolve a $116 million loan from U.S. Bank, convert warrants issued under the Troubled Asset Relief Program and obtain regulatory approval.
On Nov. 11, FirstMerit Corp. announced it signed an agreement to acquire 24 Chicago-area branches and $1.2 billion in deposits from First Bank. The deal also includes “substantially all of the asset-based loans from an affiliate of First Bank under a separate loan purchase agreement.”
The Federal Reserve Board reported that the following applications were recently received.
| Acquirer | Acquisition Target | Regulator | Overview |
| Apollo Bancshares Inc. | Union Credit Bank | Federal Reserve Bank of Atlanta | Become bank holding company by acquiring 50.5% of voting shares. |
| Community Bank Partners Inc. | The Palisades National Bank | Federal Reserve Bank of Kansas City | Become bank holding company by acquiring 100% of voting shares. |
| Community Trust Financial Corp. | Madison Financial Corp., Madison County Bank | Federal Reserve Bank of Dallas | Merge and acquire. |
| Cullen Thompson, Betsy Lehman, Carveth and Margaret Thompson; Gary and Nancy Vance; Eldon Jensen, Morris Gustafson | Faith Bank Holding Co., Farmers State Bank | Federal Reserve Bank of Minneapolis | Join a group acting in concert to acquire voting shares. |
| Diamond Bancorp Inc. | DG Bancorp Inc., Downers Grove National Bank | Federal Reserve Bank of Chicago | Become bank holding company by acquiring 100% of voting shares. |
| The Estate of Catherine G. Eisemann, Roger Dean Eisemann, individually, as a member of the Eisemann Family and as Co-Executor of the Estate of Catherine G. Eisemann | Republic Trinidad Corp., First National Bank in Trinidad | Federal Reserve Bank of Kansas City | Retain control. |
| Excel Bancorp LLC | Ohio Legacy Corp., Ohio Legacy Bank, N.A. | Federal Reserve Bank of Cleveland | Become bank holding company by acquiring controlling interest. |
| Family Bancorp Inc. | Medina Bankshares Inc., D’Hanis State Bank | Federal Reserve Bank of Dallas | Acquire by merger. |
| First Niagara Financial Group Inc. | Harleysville National Bank and Trust Co., Harleysville National Corp. | Federal Reserve Bank of New York | Become bank holding company by acquiring 100% of voting shares. |
| First State Bank Southwest 2002 Amended and Restated KSOP Plan and Trust | First Rushmore Bancorporation Inc., First State Bank Southwest | Federal Reserve Bank of Minneapolis | Acquire 28.702% of voting shares. |
| First Waterloo Bancshares Inc. | Red Bud Bancorp Inc., First State Bank of Red Bud | Federal Reserve Bank of St. Louis | Acquire 100% of voting shares. |
| Golden Pacific Bancorp Inc. | Gold Country Financial Services Inc., Gold Country Bank, National Association | Federal Reserve Bank of San Francisco | Become bank holding company by acquiring 100% of voting shares. |
| Granvalor Holding LTD | International Bancorp of Miami Inc., Bank of Miami, N.A. | Federal Reserve Bank of Atlanta | Acquire up to an additional 10.94%, for a total of 60%, of the voting shares. |
| Howell, Gary R. | Milk River Banquo Inc., Malta Banquo Inc., First Security Bank of Malta, Valley Bank of Glasgow | Federal Reserve Bank of Minneapolis | Acquire voting shares. |
| Independent Bancshares Inc. Employee Stock Ownership Plan | Independent Bancshares Inc., Community Spirit Bank, Spirit Bancshares Inc., Spirit Bank | Federal Reserve Bank of Atlanta | Acquire 26.8% of voting shares. |
| Kenneth G. Walker Grantor Trust | Palomar Enterprises LLC, Palomar Enterprises LLC, Farmers and Merchants Bank | Federal Reserve Bank of San Francisco | Acquire membership interest. |
| Marron, Donald B.; BOTC Holdings LLC; Lightyear Fund II, L.P.; Lightyear Co–Invest Partnership II, L.P.; Lightyear Fund II GP, L.P.; Lightyear Fund II GP Holdings, LLC; Marron & Associates, LLC; Chestnut Venture Holdings, LLC; Lightyear Capital LLC; and Lightyear Capital II, LLC | Cascade Bancorp, The Bank of the Cascades | Federal Reserve Bank of San Francisco | Acquire voting shares. |
| Patriot Financial Partners, GP, L.P.; Patriot Financial Partners, L.P.; Patriot Financial Partners Parallel, L.P.; Patriot Financial Partners, GP, LLC; Patriot Financial Managers, L.P.; Ira M. Lubert, W. Kirk Wycoff and James J. Lynch | Square 1 Financial, Inc., Square 1 Bank | Federal Reserve Bank of Philadelphia | Acquire voting shares. |
| Rbancshares Inc. | Ohio State Bancshares Inc., Ohio State Bank | Federal Reserve Bank of Cleveland | Become bank holding company by acquiring 80.1% of voting shares. |
| The Robert and Norman Ohlde Trust, Robert and Norma Ohlde, trustees; Steven and Cynthia Ohlde, Timothy and Debra Ohlde | Elkcorp Inc., The Elk State Bank | Federal Reserve Bank of Kansas City | Act in concert to retain/acquire voting shares. |
| S&T Bancorp Inc. | Allegheny Valley Bancorp Inc., Allegheny Valley Bank of Pittsburgh | Federal Reserve Bank of Cleveland | Acquire 24.99% of voting shares. |
| Serguei Kouzmine | UCB Financial Group Inc., Atlanta Business Bank | Federal Reserve Bank of Atlanta | Acquire voting shares. |
| The St. Henry Bancorp Inc. | The St. Henry Bank | Federal Reserve Bank of Cleveland | Acquire 100% of voting shares. |
| Stockgrowers State Bank Employee Stock Ownership Plan | Stockgrowers Banc Corp., Bank of Ashland Peoples Bank | Federal Reserve Bank of Kansas City | Acquire up to additional 3.24%, for total of 37.0% of voting shares. |
| The Terry Beach Edwards Living Trust: The Ross Beach Living Trust; The Marianna Beach Living Trust; The 2009 Marianna Beach Irrevocable Trust; Terry Beach Edwards; individually and as trustee | Kansas Natural Gas Inc., Douglas County Bank, | Federal Reserve Bank of Kansas City | Act as group in concert to retain control. |
| Thompson, Cullen, Barton Thompson, Betsy Lehman, to join a group acting in concert, consisting of Carveth and Margaret Thompson, Lead; Gary and Nancy Vance; Eldon Jensen, Morris Gustafson | Faith Bank Holding Co., Farmers State Bank | Federal Reserve Bank of Minneapolis | Acquire voting shares. |
| Titus, John, Suzanne Titus, Paula Titus (individually and as trustee of the L.G. Titus Family Trust and the L.G. Titus Marital Trust), Eric Titus, Louis (Ted) Titus; and Ann Titus Nelson | First Holdrege Bancshares Inc., The First National Bank of Holdrege | Federal Reserve Bank of Kansas City | Acquire control. |
| United Bancorp Inc. | Marine Bank & Trust, Brown County Bank | Federal Reserve Bank of Chicago | Acquire 100% of voting shares. |
| Vidrine, Karl Brent, Executor for the Estate of Thelma Cummings Guilbeauhares | Sunset Bancorp Inc., Bank of Sunset & Trust Co. | Federal Reserve Bank of Atlanta | Retain voting shares. |
| WestBridge Bancshares Inc. | WestBridge Bank & Trust Co. | Federal Reserve Bank of St. Louis | Become bank holding company by acquiring 100% of voting shares. |
| White Bay Capital LLLP, the Stephen A. Van Andel 2009 WBC Trust, as the general partner of LLLP, and Stephen A. Van Andel as trustee of Trust | Macatawa Bank Corp., Macatawa Bank | Federal Reserve Bank of Chicago | Acquire voting shares. |
| The William R. Oliver GST Exempt Trust, the Jackson T. Oliver GST Exempt Trust, and Thomas M. Annesley, Norman, Oklahoma, as trustee of the William R. Oliver GST Exempt Trust and the Jackson T. Oliver GST Exempt Trust | Valliance Financial Corp, and thereby indirectly retain control of Valliance Bank | Federal Reserve Bank of Kansas City | Retain control. |
The Office of Thrift Supervision reported that it approved the following applications.
| Acquirer | Location | Date | Overview |
| Athens Federal Community Bank | Athens, Tenn. | Nov. 12 | Approval of conversion to stock form. |
| OBA Financial Services Inc. | Germantown, Md. | Nov. 12 | Approval of conversion to stock form. |
| OmniAmerican Bank | Fort Worth, Texas | Nov. 12 | Approval of conversion to stock form. |
| Versailles Savings and Loan Co. | Versailles, Ohio | Nov. 12 | Approval of conversion to stock form. |
A new charter was approved last week for the East River Development Alliance Federal Credit Union in Queens, N.Y., by the National Credit Union Administration. The institution is expected to serve around 323,000 Queens residents and employees.
