"Quicken Loans has become one of the nation's largest online lenders because we provide great service, competitive rates and the convenience of online lending," said Dan Gilbert, Chairman of Rock Holdings. "We are thrilled we will soon be able to offer an array of traditional banking products to our loyal customer base, backed by great customer service and the convenience of online banking."
Rock Bank will provide competitive interest rates on a variety of traditional retail banking products, including savings and checking accounts, certificates of deposit (CDs) and money market accounts.
"We believe this is an opportunity to bring a new, more customer focused and technically savvy banking operation to the Internet and our local community," said Gilbert. "Our company has always stood for world-class customer service. We are anxious to extend this philosophy and performance to our banking operations."
Quicken Loans Inc. will become a subsidiary of Rock Bank. Under this corporate structure, Quicken Loans Inc. will continue to offer mortgage products nationally under the "Quicken Loans" brand name and in southeast Michigan under the "Rock Financial" brand.
A federal charter is a natural extension of the company's existing mortgage lending operations. The company, which expects to originate $13 billion - $15 billion in retail mortgage loans this calendar year, has a powerful brand image through the Quicken Loans and Rock Financial brand names.
Quicken Loans is one of the nation's largest retail online lenders, through its Quickenloans.com website, and one of the top 25 retail mortgage originators in the country.
Mark S. Allio will serve as President and CEO of Rock Bank, reporting to Dan Gilbert, Chairman of Rock Holdings Inc. Allio has more than 20 years in banking and financial services, and comes to Rock Bank from Third Federal Savings in Cleveland, Ohio, where he served as President. The charter process is expected to take between six and nine months to complete. Rock Bank hopes to begin operating by Spring 2004.
"Mark brings with him vast experience, not just in banking but also in the mortgage industry," said Gilbert. "We are excited to have someone of his caliber onboard to lead our new and exciting banking operation."
In southeast Michigan, Rock Bank expects to have several retail banking offices. Nationally, Rock Bank clients will be able to purchase various banking products through the national Call/Web Center and through a new transactional website RockBank.com.
About Rock Holdings Inc. Rock Holdings Inc. is the parent company of Quicken Loans Inc., which includes Rock Financial and Title Source. Quicken Loans one of the nation's leading online mortgage lenders and one of the top 25 retail mortgage originators in the country.
Consumers in all 50 states visit the QuickenLoans.com website to learn about the mortgage process via robust mortgage tools and calculators, and to apply for home loans. Quickenloans.com has been named a "Best of the Web" site by Forbes, Money and PC magazines. The company's 1,500 employees expect to close between $13 billion-15 billion in retail mortgage loans in calendar 2003.
Dan Gilbert founded Rock Financial in 1985, took the company public on NASDAQ in 1998 and sold it to Intuit in 1999, when it was renamed Quicken Loans Inc. Gilbert and an investment group reacquired Quicken Loans and Rock Financial on July 31, 2002, through Rock Holdings Inc.