Utah-based Capital
Community
Bank (CCBank)
has

struck
a
deal
to
acquire Security
Home
Mortgage (SHM), which
will
become
an
independent
subsidiary
division
of
the
bank,
the
parties
announced
on
Friday.
The
financials
of
the
deal
were
not
disclosed.

According
to
the Nationwide
Multistate
Licensing
System (NMLS),
SHM
provides
home
mortgage
solutions
in
six
states
through
a
network
of
four
branches
and
62
licensed
loan
officers.
Mortgage
tech
platform Modex shows
the
lender
originated
about
$250
million
in
mortgages
in
2023,
compared
to
about
$422
million
the
previous
year. 

Meanwhile,
according
to
the
same
data
sources,
CCBank
has
only
10
licensed
LOs
and
originated
only
$7.5
million
in
mortgages
last
year,
mainly
for
building
and
construction. 

“CCBank
and
Security
Home
Mortgage
are
well-established
Utah
companies,
and
this
partnership
enables
us
to
strengthen
our
market
position
to
continue
delivering
industry-leading
financial
products,”
Matt
Field,
CC
Bank’s
president
and
chief
financial
officer,
said
in
a
prepared
statement.

Industry
veteran
Jon
Chamberlain,
who
founded
SHM
in
1999
and
has
led
the
mortgage
lender
as
its
president,
said
the
transaction
will
“enhance
product
and
service
offerings.“
Chamberlain
and
Charlie
Green,
who
became
a
co-owner
and
vice
president
in
2006,
will
keep
their
leadership
positions

“This
acquisition
will
be
seamless
for
all
involved,
and
we
expect
no
impact
on
SHM’s
customers
or
personnel,“
Field
added.

CCBank,
founded
in
1993,
had
nearly
$871
million
in
total
assets
and
$127
million
in
equity
capital
at
the
end
of
2023.
It
has
branch
offices
in
the
Utah
cities
of
Salem,
Provo,
Orem,
Pleasant
Grove,
Sandy
and
St.
George.  

The
deal
is
the
latest
in
a
challenging
mortgage
origination
market
as
interest
rates
are
expected
to
stay

higher
for
longer.

Last
week,
California-based Mountain
West
Financial sold
its
retail
assets to
competitor ML
Mortgage
Corp.
Earlier
in
the
year, CrossCountry
Mortgage acquired Amcap
Home
Loans, Guild
Mortgage struck
an
agreement
with Academy
Mortgage,
and New
American
Funding (NAF) nabbed Draper
&
Kramer
Mortgage
Corp.
Last
month, CMG
Financial acquired Norcom
Mortgage’s retail
assets. 

Related