Sterne Agee Group inked a deal this week to acquire residential mortgage lender FBC Mortgage LLC for an undisclosed amount.
Orlando-based FBC will bring 215 employees with it as well as licenses to lend in 15 states through its retail and wholesale lending channels.
Sterne Agee CEO James Holbrook says the move will allow Sterne Agee to continue executing its strategic plan of becoming a full-service financial firm.
“We have been looking for a partner with the stature and reputation of Sterne Agee,” said Sal Nunziata, FBC’s chairman and co-CEO. “This merger will give us the resources to continue our growth while providing our initial members with a liquidity opportunity. It has been exciting to launch FBC with our fathers guidance in late 2005 and then find a way to navigate and grow through one of the toughest recessions in U.S. history.”