USA Mortgage’s sole owner, president and chief executive officer, Douglas Schukar, transferred ownership of the company to employees through an Employee Stock Ownership Plan.
Schukar, in a release, said “there is no better way to thank the people who have helped us achieve success as well as reward those who will be leading the charge in the future to enhance our winning customer experience.”
The transaction to transfer the St. Louis-based mortgage company, a division of DAS Acquisition Company LLC, to its employees was finalized at the end of 2017 following the completion of an independent valuation.
To be eligible to receive shares, employees need to complete 160 hours of service and meet other minimal criteria. Employees that participate in the plan are fully vested in the plan after six years of service.
Formed in 2001, USA Mortgage has grown to $1.5 billion in total loan volume and about 550 employees, according to Schukar. In Missouri, volume was $1.12 billion during 2017.
Schukar will continue to serve as CEO. Baird, Kurtz & Dobson oversaw the ESOP implementation.
