Evansville Teachers Federal Credit Union, which has two branches in Owensboro, Kentucky, recently acquired First Liberty Financial Mortgage, a regional mortgage firm founded and headquartered in Owensboro.
Credit union officials say they expect the acquisition to nearly double mortgage production from $30 million to $55 million a month.
First Liberty, which began in Owensboro in 2002, has offices in Owensboro (at 3000 Alvey Park Drive); Louisville, Kentucky; Bowling Green, Kentucky; Lexington, Kentucky; Nashville, Tennessee; Murfreesboro, Tennessee; Birmingham, Alabama; Pell City, Alabama; Madison, Mississippi; and Simi Valley, California.
Brent Joyce, the credit union’s vice president for marketing, said all branches of both financial institutions will remain open and, at least for the time being, both will keep their own names.
First Liberty will be a division of Evansville Teachers, he said.
“We’re just expanding our territory,” Joyce said.
The credit union, founded in 1936, has had an Owensboro presence since 1992, when it acquired Owensboro Public Schools Federal Credit Union, he said.
Bill Schirmer, the credit union’s president and chief executive officer, said in a news release that the alliance with First Liberty “will enable us to better serve our existing members in these markets in addition to offering our expansive mortgage products to new members as well. The acquisition complements the long term business strategy of both of our established organizations.”
“It has been a dream of mine to take First Liberty to the next level for both employees and clients,” said Pat Cason, president of First Liberty. “By joining ETFCU, a $1.3 billion credit union, we can achieve that very goal.”
He said First Liberty will “now be able to offer a broader menu of financial services that we could not as an independent mortgage banking institution. During the past 15 years, First Liberty has built a strong customer base in the communities we serve and will now offer more services with the same high level of customer service our clients have become accustom to receiving.”
Credit union officials said Evansville Teachers has ranked as the Evansville area’s top mortgage loan provider based on market share for 2015 and so far in 2016.
It currently serves more than 160,000 members.
But until now, mortgage lending had been limited to the Evansville area.
Schirmer said the credit union paid out $2 million in checking account dividends, reward points and ATM refunds through Oct. 31.
He said he expects the total to top $2.5 million by the end of the year.
