US private investment bank Sterne Agee has inked a definitive acquisition agreement to acquire Florida-based residential mortgage lender FBC Mortgage, for an undisclosed sum.
Upon completion of the deal, the combined entity will have a full time workforce of 1,500 serving in 65 offices throughout the US, further enhancing the bank’s expansion strategy in the country.
Sterne Agee chairman and CEO James Holbrook Jr said, "The acquisition is the continuation of Sterne Agee’s strategic plan to expand the products and services that Sterne Agee offers as a full-service financial services company."
"This merger will give us the resources to continue our growth while providing our initial members with a liquidity opportunity."
Commenting on providing services to Sterne’s more than 500 community bank clients, FBC chairman and co-CEO Sal Nunziata added, "Our residential mortgage wholesale banking platform works directly with community banks and this merger opens us up to a whole new group of banks."
An affiliate of Florida Bank of Commerce, FBC Mortgage was set up in 2005 in Orlando, Florida, to provide home loans, construction loans, and FHA 203k rehabilitation loans at competitive rates.
Sterne Agee was established in 1901 in Birmingham, Alabama, and currently operates 49 offices across 22 states in the nation, with 1,300 employees.