HAMILTON, NJ and IRVINE, CA – September 28, 2012 – Grand Bank, N.A. of Hamilton, New Jersey, announced today it has signed an agreement with Rushmore Loan Management Services (“Rushmore”), in which Rushmore will purchase the business of Grand Bank’s ICON Residential Lenders (“ICON”) unit. Terms of the transaction were not disclosed.
Irvine, California-based ICON is a leading national wholesale mortgage originator and servicer which sources loans through a nationwide network of over 1,400 mortgage brokers. The company is an approved Fannie Mae seller and servicer and Ginnie Mae issuer of mortgage-backed securities, and has a strong FHA and VA niche loan business.
“This sale will allow Grand Bank to focus on building our core community banking business, which will benefit our existing shareholders and customers,” said Mark A. Wolters, President and CEO of Grand Bank.
“We are excited to have this opportunity, as ICON’s business is a good complement to Rushmore’s existing mortgage business,” said Terry Smith, CEO of Rushmore. “We will be working closely with ICON’s management team to ensure a seamless transition for customers and employees.”
The closing of the transaction is subject to regulatory approvals as well as other customary closing conditions, and is expected to close in the fourth quarter of 2012 or the first quarter of 2013.
Milestone Advisors and Sandler O’Neill & Partners served as the financial advisors to Grand Bank.
Pollock Named CEO of ICON
Grand Bank also announced today that it has appointed Andrew Pollock, 49, as CEO of ICON effective immediately, a position that was previously unfilled.
Mr. Pollock was previously the president and Chief Administrative Officer of First California Mortgage Company, Petaluma, CA, responsible for the successful turnaround and expansion of the organization. He was also the president and Chief Executive Officer of First Franklin, a Merrill Lynch subsidiary. Mr. Pollock has extensive experience in mortgage banking, wholesale mortgage originations, mergers and acquisitions, and leading quick growth initiatives.
“Andy is an experienced financial professional who knows what it takes to grow and lead a successful company,” said Wolters. “I know he will be a strong addition to the ICON team.”
“There is significant untapped potential at ICON, and I look forward to working closely with the existing management team to add value, expand the business, and close the transaction with the Rushmore management team,” said Pollock.
About Grand Bank, N.A.
Founded in 2002, Grand Bank, N.A. is a full-service regional commercial bank providing financial services to small- and medium-size businesses and individuals. Headquartered in Hamilton, NJ, Grand Bank specializes in commercial and residential lending, and offers a full range of traditional personal and commercial banking products. The bank was recently named as one of the Top 25 SBA Lenders in New Jersey for 2012 by The Philadelphia Business Journal.
About ICON Residential Lenders
Based in Irvine, California, ICON Residential Lenders, a division of Carnegie Mortgage, LLC, is a leading national wholesale mortgage originator and servicer which sources loans through a nationwide network of over 1,400 mortgage brokers. Founded in 2006, ICON is one of the top 20 wholesale lenders and has approximately 250 employees. The company is an approved Fannie Mae seller and servicer and Ginnie Mae issuer of mortgage-backed securities.
About Rushmore Loan Management Services LLC
Rushmore, based in Irvine, California, is a national residential mortgage loan servicer of performing and non-performing loans. Rushmore is a high quality loan servicer with state of the art technology, providing responsive and personalized service to borrowers and loan investors.