A subsidiary of Carmel-based Merchants Bancorp (Nasdaq: MBIN) has announced plans to acquire Florida-based warehouse lender NattyMac LLC. Merchants Bank of Indiana says the acquisition is expected to close by the end of the year.
Full financial terms of the deal are not being disclosed. However, Merchants says it has fully repaid NattyMac's Michigan-based parent Home Point Financial Corp. the balance of and all interest owed on the $30 million in subordinated debt it had previously invested in Merchants.
"Merchants and NattyMac have had a long-standing relationship and funding partnership that has been beneficial to both of our organizations since 2014," said Michael Petrie, chief executive officer of Merchants. "We look forward to fully integrating all of NattyMac's operations under our corporate umbrella."
Merchants did not specify whether any jobs would be affected by the acquisition.
By Kathy Hower Senior Wealth Advisor, Bedel Financial Consulting Inc.
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