First Federal – which originates loans nationwide with mortgage processing centers in Georgia, Wisconsin, and Florida – confirmed it has also acquired BNC’s 70-employee mortgage team.
“We welcome the new employees to our residential lending team and look forward to helping more customers enjoy the benefits of homeownership,” said Paul Ottendorf, president of First Federal’s residential lending division.
“BNC National Bank’s mortgage division team looks forward to offering new and enhanced products to our customers as First Federal Bank Mortgage Lenders,” said Doug Brendel, president of mortgage banking at BNC.
The acquisition, first announced two months ago, includes the sale of certain assets and liabilities of BNC’s residential lending division. The North Dakota-based bank operates community, mortgage banking, and wealth management businesses in Arizona, Minnesota, and North Dakota, and other locations in the Midwest.
In its release, BNC said it will continue facilitating residential mortgage loans for its bank and wealth management customers as part of its community banking activities.