Approval has been granted by the Federal Reserve Board of Governors for a St. Louis mortgage banking organization to acquire a local bank.
Paramount Mortgage Co. says it was founded in 1970. Today it does business in six states. It is reportedly approved by the Department of Housing and Urban Development, Fannie Mae and Freddie Mac.
On the NMLS system, the St. Louis-based organization is registered as Paramount Bond & Mortgage Co. Inc. and also operates as PMC Mortgage and PMC Mortgage Co.
The parent company is Paramount Financial
Group LLC.
A notice from the Fed indicated that Paramount Financial has been approved
to become a bank-holding company.
As part of the transformation, it will acquire Superior Bank in Hazelwood, Missouri.
Data from the Federal Deposit Insurance Corp. indicate that Superior Bank was formed in 2004.
It had just seven employees as of mid-2017. Single-family assets amounted to $6 million, while commercial real estate holdings totaled $10 million.
An FDIC consent order was issued against Superior Bank in 2010 requiring it to hire a consultant to analyze the business and recommend changes.
The Fed’s notice indicates that approval was also granted for the bank-holding company to acquire
Paramount Bond & Mortgage.
