Stonegate Mortgage Acquisition Complete

Posted: Updated:
INDIANAPOLIS -

Michigan-based Home Point Financial Corp. has completed the $211 million acquisition of Indianapolis-based Stonegate Mortgage Corp. As a result of the cash transaction, Stonegate will no longer trade on the New York Stock Exchange.

The acquisition was announced in January and Home Point did not state whether any jobs would be affected. Home Point Chief Executive Officer Willie Newman says the deal is an "important milestone" for the company.

"Home Point will now have full coverage in all channels of origination, as well as warehouse lending offerings," said Newman. "In addition, the acquisition brings an in-house servicing platform to Home Point, giving us the ability to directly manage relationships with our customers. The most exciting part is combining the experience and talent of these two great companies in the service of our customers."

Home Point says the acquisition received overwhelming approval from Stonegate's shareholders. As part of the deal, shareholders will receive $8 in cash for each share they own.

The closing of the acquisition comes less than a month after Stonegate released its first quarter earnings report. The company reported a net loss of $4.3 million, compared to a net loss of $37.5 million during the same period the previous year.

  • Perspectives

    • Cyber Security: Out of Your Control - or Not?

      Good chance YOU have been a victim of a cyber security attack!  When a company gets hacked, you and other customers become the “victims” of the breach. That puts your identity at risk!  The FTC estimates 9 million Americans are victims of identity theft each year!  What’s the greatest potential for identity theft?  On-line shopping! Yikes!

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Mark Miles (left) is the CEO of Hulman & Co. (IIB Photo/Alex Brown)

      Miles: Penske "Perfect Conclusion" for IMS

      Hulman and Co. Chief Executive Officer Mark Miles says once the Hulman-George family and board of directors made the decision to pursue a sale of the Indianapolis Motor Speedway, there was interest from numerous parties, but ultimately the deal with Roger Penske represented the best possible outcome. "There are sovereign funds around the world that I know were interested and there were other major entities, terrific companies, that could transact, but Roger is the...

    • Lime is pulling its scooters and bikes from South Bend.

      Lime Bikes and Scooters Departing South Bend

      California-based Lime is pulling its lime-colored bicycles and electric scooters from the city of South Bend, according to WNDU-TV.  Lime bicycles first appeared in South Bend in 2017, followed by the addition of scooters in 2018. 

    • (image courtesy of Pixabay/.Magnascan)

      Gov. Holcomb Declares Emergency on Propane Shortage

      Citing an emergency with the state’s propane supply, Governor Eric Holcomb has signed an executive order which waives some of the time restrictions for truck drivers who haul the fuel. “The current demand for propane exceeds the locally available supply of propane,” states the executive order. Throughout the Midwest, there have been reports of propane shortages and long lines at terminals where truck drivers pick up their load of propane. The governor’s offi...

    • (photo courtesy Joseph Pete/The Times of Northwest Indiana)

      ArcelorMittal to Idle Furnace at Indiana Harbor West

      ArcelorMittal plans to idle a blast furnace at its Indiana Harbor West in East Chicago. A spokesperson tells our partners at The Times of Northwest Indiana employees will be reassigned and there will be no layoffs as a result of the move. 

    • First Merchants Bank Announces Leadership Changes

      Muncie-based First Merchants Corporation (NASDAQ - FRME) has announced a new shift in leadership. The company has elected H. Douglas Chaffin to the First Merchants Board of Directors and Tom Myers as region president for the Michigan market.