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Mortgage originator PrimeLending could soon fall under the auspice of a new owner.
The lender’s current holding company, PlainsCapital, and Hilltop Holdings ($16.13 0%) announced a merger agreement Wednesday. PlainsCapital would become a subsidiary of Hilltop under terms of the agreement.
The Dallas-based companies said they expect the merger, subject to regulatory and shareholder approval, to close before the end of the year. The deal includes a purchase consideration to PlainsCapital shareholders of 27.5 million shares of Hilltop common stock and $318 million in cash.
"We look forward to working with PlainsCapital and pursuing opportunities to grow the company," Hilltop Chairman Gerald Ford said in a news release. "We envision a long-term and mutually beneficially relationship as we seek to expand the combined company's footprint."
Hilltop spokesman Jeremy Ford said PlainsCapital and its subsidiaries, including PrimeLending, would operate the same way as they do currently.
PrimeLending is ranked No. 12 on the list of top mortgage originators, generating $8.79 billion in loan production, according to the lender. It also had the highest purchase mortgage ratio, 66.9%, among the top 15 lenders, the company said.
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