National nonbank lender New Penn Financial has acquired Shelter Mortgage Co.
A purchase price for this transaction was not disclosed. New Penn said in a Wednesday press release that its retail channel will double by acquiring Milwaukee-based Shelter Mortgage, which specializes in conforming purchase money loans.
Shelter Mortgage's "long history of building significant relationships with referral sources makes them a perfect complement to New Penn's focus, financial strength and diversity of products," said Jerry Schiano, president and chief executive officer of New Penn Financial, in the release.
As part of this deal, Shelter Mortgage will become a wholly owned subsidiary of New Penn in Plymouth Meeting, Pa. Shelter Mortgage's chief executive officer, Marc McManus, will retain a leadership role in the new company.
"We are excited to become part of the New Penn family of companies and recognize the immediate value the relationship will bring, beginning with the diverse mix of agency and nonagency products we'll now be able to offer," McManus said in the release.