The acquisition of a mortgage warehouse provider out of Texas has been completed. The deal creates one of the state’s largest local banks.
Southwest Securities, FSB, was established in March 1986, according to data provided by the Federal Deposit Insurance Corp.
As of Sept. 30, 2014, the 139-employee financial institution’s investment portfolio included $73 million in residential loans, $338 million in commercial real estate loans and $16 million in construction-and-land-development loans.
The Dallas-based bank
provides mortgage warehouse lines of credit ranging from $2 million to $20 million.
In April 2014,
Hilltop Holdings Inc. made an offer to acquire Southwest Securities’ parent, SWS Group.
On Thursday, Dallas-based Hilltop Holdings, parent of PrimeLending, announced that it completed the $350 million acquisition.
Southwest Securities has been merged into Hilltop Holdings-subsidiary PlainsCapital Bank, creating the fifth-largest bank based in Texas,
according to the announcement.
SWS’ broker-dealer units
Southwest Securities Inc. and SWS Financial Services Inc. now operate as Hilltop Securities Holdings LLC. Another unit, First Southwest, will operate as a separate broker-dealer under combined leadership until regulatory approval is obtained and systems are integrated.
