Central Pacific Mortgage Buys Ivanhoe

Central Pacific Mortgage, Folsom, Calif., has announced that it is acquiring the mortgage production operations, including the retail branch offices and wholesale production platform, of Ivanhoe Financial Inc., Orlando, Fla.The terms of the deal were not disclosed. The company will operate as Ivanhoe Mortgage and maintain its Orlando offices, CPM said. "In the past, Central Pacific Mortgage's primary focus has been on the West Coast," said John Courson, CPM's president and chief executive officer. "Ivanhoe has a great footprint on the East Coast and will allow us to increase our presence there." CPM said its growth strategy includes expanding Ivanhoe's production network by opening new retail offices in the East and expanding its wholesale business through the addition of account executives. CPM can be found online at http://www.centralpacificmortgage.com.