Kent Wiechert, the owner and president of Albuquerque, New Mexico-based Weststar Mortgage Corporation, is set to acquire Scottsdale, Arizona-based Goldwater Bank in a stock purchase.
Financial terms of the acquisition were not disclosed.
Weststar Mortgage is a privately owned company, which was established in 1983. In the early 1990’s, the company grew to include a retail mortgage origination channel.
Weststar Mortgage originates retail mortgage loans in over 30 states covering nearly every market outside of the Eastern Seaboard. In 2015, Weststar Mortgage expects to report new loan originations exceeding $1 billion.
Weststar also provides both private and agency loan servicing to more than $2 billion in loans in over 30 states.
Goldwater Bank focuses on providing financial services in a variety of different avenues within all aspects of a client’s life, which it refers to as “lifestyle banking.”
Wiechert, who made the acquisition privately, said that he is excited by the opportunities that the deal holds.
“We are very excited about this new acquisition, and look forward to offering our clients even more products and services through our new relationship with Goldwater Bank,” Wiechert said.
Julie Merhege, president of Goldwater Bank, said that Goldwater is also looking forward to the deal.
“We’re excited to pair our commercial bank platform with Weststar’s mortgage business and bring our unique approach in banking to even more customers,” Merhege said.
In August, the Office of the Comptroller of the Currency issued a letter to Goldwater Bank agreeing to a plan submitted by Goldwater and Weststar Mortgage almost a year earlier, which allowed Wiechert to acquire a controlling interest in the Goldwater.
According to the companies, the details of the plan include a host of provisions that will align the two firms around their common and complementary business lines; including the integration of the Weststar’s retail mortgage origination channel into the bank’s already established mortgage division.
“By the time we’ve fully executed the plan submitted to the OCC the two companies will employ more than 600 professionals spanning 40 states and all aspects of the banking, lending and loan servicing disciplines,” Wiechert said. “This marks a new adventure for both companies, allowing us to offer even more value to clients and customers nationwide.”