Wednesday, August 15, 2007
Plano-based ViewPoint Bank to acquire Bankers Financial Mortgage Group
The initial payment for the bank was $1.2 million with a payment to be named later.
PLANO — ViewPoint Bank announced today that it has signed a definitive agreement to acquire all of the assets and the loan origination business of Dallas-based Bankers Financial Mortgage Group, Ltd. (BFMG). The terms of the agreement provide for an initial payment of approximately $1.2 million in cash and the possibility for additional payments of cash in the future based on the performance of CFS over a period of approximately four years.
BFMG was founded by current CEO Gerald R. Taylor in 1988 and originates residential mortgages through its retail employees and wholesale division, primarily in Texas. It has a track record of originating more than $350 million in mortgage loans per year, with a focus on conforming, agency- acceptable loans. The owners of BFMG will remain with CFS after the acquisition, with Taylor serving as president of CFS, which will operate under the name Bankers Financial Mortgage Group.
The acquisition will add 10 mortgage origination offices and 40 mortgage loan officers to CFS/ViewPoint Bank. BFMG is not a loan servicer or a portfolio lender, so no loans are being acquired in the transaction, nor will CFS assume any liabilities related to loans originated by BFMG prior to the closing.
Garold R. Base, president and CEO of ViewPoint Bank, stated, "We look forward to the completion of this acquisition and believe it will be earnings- accretive for the bank. We are excited about adding BFMG's business model to our origination network. We are very comfortable with their management team and the quality of loans BFMG originates. We also anticipate that we will enhance BFMG's financial performance through growth and the introduction of administrative synergies."
Headquartered in Plano, Texas, ViewPoint is the largest financial institution based in Collin County, with more than $1.6 billion in assets. It operates 32 branches, 14 of which are in-store locations and 3 of which are loan production offices.
Source: ViewPoint Bank
