BrandMortgage, a lending institution operating in 10 states in the Southeast reached am agreement to sell the majority of the company to Capital City Bank. Once the sale is complete, the company will operate as Capital City Home Loans.
"According to the companies, BrandMortgage operates 21 mortgage production offices in the above-mentioned states, which will be added into the Capital City fold upon the deal’s completion," according to HousingWire.
"According to the companies, if the deal had been completed in 2019, the mortgage volume of the combined company would have been approximately triple Capital City’s historical level of originations."
Capital City Bank has been looking to extend its mortgage loan business and this purchase gives it a push in the right direction. The company believes that it can use this acquisition to add value to clients in new and existing markets, according to the report.
"Joining with an established financial institution like Capital City Bank, with their strong brand reputation and capital position, makes sense for a number of reasons," said Greg Shumate, CEO and Managing Partner of BrandMortgage.
To learn more about the deal and what it means for the future of BrandMortgage, click on the image above.