First Federal Bank Acquires Mortgage Division of BNC National Bank

First Federal Bank acquired the assets and added the team of employees from BNC National Bank’s mortgage division.

The new team will augment the legacy First Federal market and serve customers from locations in Overland Park, KS; Moline, IL; Bismarck, ND; and Phoenix, AZ. First Federal Bank originates loans across the United States with mortgage processing centers in Georgia, Wisconsin and Florida. As a community-based mutual institution headquartered in Lake City, FL, the bank is owned by its customers rather than stockholders and has 25 branches in the Southeast and operations in the Midwest. New customers who were previously served by BNC National Bank will transition to the First Federal brand immediately.

“With the acquisition, First Federal gains a nationwide consumer direct mortgage platform and offers the benefits of community banking, customer service and stability to the expanded customer base in new markets,” John Medina, president and CEO of First Federal Bank, said. “Since 1962, it has been our mission to provide solutions from a financially stable institution. This acquisition expands our commitment to customers and the residential mortgage sector. We look forward to serving the new mortgage customers with the same excellence they enjoyed from the BNC team.”

“We welcome the new employees to our residential lending team and look forward to helping more customers enjoy the benefits of home ownership,” Paul Ottendorf, division president for First Federal Bank, said.

“BNC National Bank’s mortgage division team looks forward to offering new and enhanced products to our customers as First Federal Bank mortgage lenders,” Doug Brendel, who was formerly president of mortgage banking at BNC National Bank and will now be director of consumer direct at First Federal Bank, said.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.