NORTHBROOK, Ill.--(BUSINESS WIRE)--Prospect Mortgage has signed an agreement to acquire the majority of IndyMac Bancorp’s retail mortgage branches. Terms of the transaction were not disclosed.
The transaction encompasses approximately 750 employees along with more than 60 branch offices which will be rebranded as Prospect Mortgage. John Johnston and Ron Bergum will remain in leadership roles with the retail branch group and report to Mark Filler, CEO of Prospect Mortgage.
“The IndyMac transaction benefits our loan officers, customers, sales managers and referral sources. This is growth for the right reasons, not just for the sake of growth,” said Mr. Filler. “The IndyMac transaction will enable us to increase our investment and success in marketing, technology, and customer service levels.”
With completion of the IndyMac transaction, Prospect Mortgage projects that it will become one of the largest independent retail mortgage companies in the country.
Established in 2006, Prospect Mortgage specializes in acquiring midsized residential lenders, providing them with capital, cost-efficiencies, and increased resources while maintaining a decentralized, entrepreneurial business model. Prospect is backed by Sterling Partners, a multibillion-dollar private equity fund based in Chicago and Baltimore. To learn more, visit www.prospectmtg.com.
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