""Grand Bank, N.A."":https://www.grandbk.com/, has announced that it will be selling its ""ICON Residential Lenders"":http://www.iconwholesale.com/ unit to ""Rushmore Loan Management Services"":http://www.rushmorelm.com/, according to a recent release.
The sale is still subject to regulatory approvals and is expected to close in the fourth quarter of 2012 or the first quarter of 2013. While the terms of the transaction were not disclosed, all three parties stand to benefit as ICON's primary line of business is more closely aligned with that of its new owner.[IMAGE]
Rushmore's purchase of its Irvine, California-based neighbor, a leading national wholesale mortgage originator and servicer, will concurrently allow Rushmore to expand into the origination side of the mortgage industry while permitting Grand Bank to focus more on commercial banking.
Grand Bank, headquartered in New Jersey, is a full-service regional commercial bank that provides financial services to small- and medium-sized businesses and individuals with a focus on commercial and residential lending. Rushmore Loan Management Services is a national residential mortgage loan servicer of both performing and non-performing loans.
""We are excited to have this opportunity, as ICON's business is a good complement to Rushmore's existing mortgage business,"" said Terry Smith, CEO of Rushmore.[COLUMN_BREAK]
""We will be working closely with ICON's management team to ensure a seamless transition for customers and employees,"" he added.
Mark A. Wolters, president and CEO of Grand Bank, also expressed his confidence in the transaction, noting, ""This sale will allow Grand Bank to focus on building our core community banking business, which will benefit our existing shareholders and customers.""
In addition to the change in ownership, ICON will gain a new CEO, and Andrew Pollock has been appointed to the position, which was previously unfilled, according to the company's statements..
Prior to joining ICON, Pollock served as president and chief administrative officer at ""First California Mortgage Company"":http://www.firstcal.net/ of Petaluma, California, where he oversaw the organization's successful turnaround and expansion. He has also the previously been the president and CEO of ""First Franklin"":http://www.1ffc.com/, a ""Merrill Lynch"":http://www.ml.com/index.asp?id=7695_15125 subsidiary. Pollock has extensive experience in mortgage banking, wholesale mortgage originations, mergers and acquisitions, and leading quick growth initiatives.
""Andy is an experienced financial professional who knows what it takes to grow and lead a successful company,"" said Wolters. ""I know he will be a strong addition to the ICON team.""
ICON, founded in 2006, has approximately 250 employees and currently sources loans through a nationwide network of over 1,400 mortgage brokers. The company is an approved seller and servicer of ""Fannie Mae"":http://www.fanniemae.com/portal/index.html mortgage-backed securities (MBS) and is an approved issuer of ""Ginnie Mae"":http://www.ginniemae.gov/ MBS, in addition to being one of the country's top 20 wholesale lenders.
""There is significant untapped potential at ICON, and I look forward to working closely with the existing management team to add value, expand the business, and close the transaction with the Rushmore management team,"" concluded Pollock.