Unit of Investment Banking Firm Merges with FBC Mortgage

FBC Mortgage, Orlando, Fla., has agreed to merge with a unit of Sterne Agee, an investment banking firm that covers a select number of residential finance stocks. Terms of the deal were not disclosed.

Licensed in 15 states with four pending, FBC is a retail and wholesale lender. The company is on track to originate $1 billion in 2012.

“We have been looking for a partner with the stature and reputation of Sterne Agee. This merger will give us the resources to continue our growth while providing our initial members with a liquidity opportunity,” said Sal Nunziata, FBC’s chairman and co-CEO.

Rob Nunziata, FBC president and the other co-CEO, added that the deal creates a new class of customers for the company’s services—namely Sterne Agee’s 500 community banking clients.

Earlier this year, FBC opened a private label operation, CloseQuick Mortgage, to work with banks.

“In addition, Sterne Agee brings us the ability to ramp up our servicing and securitization efforts. We are also extremely excited to be able to put our own jumbo products together in the near future,” said Rob Nunziata.