""Fidelity Mortgage, Inc."":http://www.fidelitymortgage.com/Default.aspx has new ownership. ""PSM Holdings, Inc. (PSMH)"":http://www.psmholdings.com/, recently announced the completion of its acquisition, which fuses Fidelity with United Community Mortgage Corporation, a wholly owned subsidiary of ""Prime Source Mortgage, Inc. (PSMI)"":http://www.wewalkyouhome.com/, via its parent company, PSMH.[IMAGE]
James Pulsipher and Jared Peterson, Fidelity's principals, exited the deal with 1,785,714 in shares of common stock in PSMH, and additionally, Pulsipher will hold a position on UCMC's board of directors.
The merger, which closed on August 8, also includes a letter of intent to purchase FMC Properties, LLC, the holding company that maintains the title on the Fidelity Mortgage building, located in Grand Junction, Colorado.[COLUMN_BREAK]
A part of Grand Junction's business community since 1986, the current offices will remain a regional corporate headquarters and lending hub for PSMI; Pulsipher is also expected to continue leading the mortgage operations in Grand Junction for PSMI. Other Fidelity offices affected by the acquisition include existing and new locations in Colorado, Utah, Montana, North and South Dakota, and Wyoming.
Of the deal, Pulsipher said, ""We believe this new partnership with PSMH will create new opportunities for us and allow us to substantially grow our lending platform. At the same time, we look forward to continuing to provide the world-class service our clients and customers have come to expect.""
Echoing the Fidelity executives positive statements, Ron Hanna, PSMH's CEO commented, ""We are so fortunate to bring on a company of the caliber of Fidelity.
James, Jared and the rest of their team have taken customer service to a new level and they will significantly to the PSM family and motto of, ""We Walk You Home."" This acquisition represents one more step in our goal of becoming one of the premier mortgage banking companies in the US.""
PSMI offers mortgage broker and banking services around the U.S. and currently boasts a presence in 19 states, overseeing more than 30 branches.