Sterne Agee agrees to buy FBC Mortgage
Sterne Agee intends to buy FBC Mortgage.
Financial services firm Sterne Agee Group has revealed it intends to acquire FBC Mortgage.
When merger and acquisition consultants finalise the deal, the combined firm will have 65 offices and 1,500 full-time members of staff in the US.
FBC Mortgage was set up in Orlando, Florida, in 2005 and also operates under the names of Home Loans Today and CloseQuick,
It provides construction finance, Federal Housing Administration 203k renovation loans and home loans.
Sterne Agee was originally founded in Birmingham, Alabama in 1901, making it one of the nation's oldest privately-owned investment banking organisations.
Currently, it has 1,300 workers in 22 US states, working out of 49 separate offices.
FBC Mortgage's co-chief executive officer and chairman Sal Nunziata said: "Our residential mortgage wholesale banking platform works directly with community banks and this merger opens us up to a whole new group of banks."
He added that Sterne Agee is a "perfect fit for FBC".
Posted by Ken Hayes
Source: Joint press release, October 2nd