Rushmore Loan Management, a specialty servicer, has agreed to purchase mortgage wholesaler ICON Residential from Grand Bank NA of Hamilton, N.J., for an undisclosed sum.
No origination figures were available on ICON, but according to National Mortgage News and the Quarterly Data Report, Grand Bank (including ICON) ranks 57th nationwide.
About a year ago ICON
In connection with the deal Grand Bank also named Andrew Pollock CEO of ICON effective immediately, a position that was previously unfilled. During his career Pollock has held executive posts at First California Mortgage Co., Petaluma, Calif., and First Franklin Financial Corp., Merrill Lynch’s now-defunct subprime affiliate.
Both ICON and Rushmore are based in Irvine. ICON’s specialty is wholesale lending. The company boasts a broker networker of 1,400 loan officers.
ICON is a Fannie Mae and Ginnie Mae approved seller/servicer.
In a press statement, Mark A. Wolters, CEO of Grand Bank, said, “This sale will allow Grand Bank to focus on building our core community banking business, which will benefit our existing shareholders and customers.”
“We are excited to have this opportunity, as ICON’s business is a good complement to Rushmore’s existing mortgage business,” said Terry Smith, CEO of Rushmore. “We will be working closely with ICON’s management team to ensure a seamless transition for customers and employees.”
The sale is expected to close in the fourth quarter of 2012 or the first quarter of 2013.
Milestone Advisors and Sandler O’Neill & Partners served as the financial advisors to Grand Bank.
