Caliber Home Loans, an Irving, Texas-based residential mortgage origination and servicing company, announced Wednesday that it plans to acquire First Priority Financial, a regional residential mortgage lender with branches and originators serving California, Oregon, Washington, Idaho and Iowa.
Technically, according to information provided by Caliber, the company "entered into a definitive agreement to acquire substantially all of the assets of First Priority Financial.”
First Priority Financial is headquartered in Fairfield, California, and has more than 370 employees.
Caliber said that the acquisition will expand its base of operations in the Western part of the country.
Following the completion of the deal, which is expected to close by early July 2016, Caliber will have a servicing portfolio of approximately $90 billion, licenses in 50 states, and a sales force of more than 1,000 across more than 250 retail locations throughout the U.S.
"With the addition of First Priority Financial, Caliber continues its strategy of expanding into high-growth, regional markets with attractive long-term opportunities," said Sanjiv Das, chief executive officer of Caliber.
"This combination will help build on Caliber's retail production channel, particularly in the attractive Northern California market,” Das added. “We believe First Priority Financial is the right fit for Caliber as they share our strong customer-centric culture and we welcome their talented team to the Caliber family. We look forward to working together to better meet the unique financing needs of homeowners across the country."
Michael Soldati, First Priority Financial’s chief executive officer and president, said that the deal should enable the company to provide better service to its customers.
"Since our founding in 1977, we have made it our mission to grow with our industry and adapt to an evolving market," Soldati said.
Financial terms of the deal were not disclosed.