Sterne Agee Group finalized its acquisition of residential mortgage lender FBC Mortgage LLC this week.
With the deal complete, FBC will now function as a subsidiary of Sterne Agee Group.
The merger of the two platforms brings 215 additional employees under Sterne Agee’s umbrella as well as licenses to lend in 15 states through FBC’s existing retail and wholesale lending channels.
FBC reported revenue of $24.9 million and recently opened a national operations center in Colorado.
FBC chairman and co-CEO Sal Nunziata said in a statement that the company was looking for a partner that had the reputation of Sterne Agee.
“This merger will give us the resources to continue our growth while providing our initial members with a liquidity opportunity,” he said. “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.”
Sterne Agee CEO James Holbrook said the move allows the company to continue executing its strategic plan of becoming a full-service financial firm.