The owner of a New Mexico mortgage lender has acquired a controlling interest in Goldwater Bank in Scottsdale, Ariz.
Kent Wiechert, president of Weststar Mortgage in Albuquerque, N.M., received federal regulators' approval last month to acquire the $103 million-asset bank, according to a
Wiechert plans to use Goldwater Bank to expand Weststar's mortgage originations, Wiechert said in the release. Weststar projects that it will originate about $1 billion of new loans this year.
"We…look forward to offering our clients even more products and services through our new relationship with Goldwater Bank," Wiechert said in the release.
Weststar was founded in 1983 as a mortgage servicer but has expanded into mortgage originations. Weststar currently services about $2 billion of loans in about 30 states.
Goldwater Bank operates a single branch in Scottsdale.
