Wednesday, September 6, 2006
American Sterling buys mortgage business
Kansas City Business Journal
The owner of American Sterling Bank, based in Sugar Creek, announced Wednesday that the bank's mortgage banking division has bought the wholesale and retail mortgage unit of Universal Savings Bank.
Terms of the transaction, completed Friday, weren't disclosed.
The combined operation will have seven offices and is expected to originate more than $1.5 billion in mortgages during its first year.
American Sterling, which controlled $187 million in assets at midyear, has offices in Arizona, California and Nevada, in addition to three Kansas City-area locations.
Universal Savings, with $134 million in midyear assets, runs a branch in Milwaukee and another in Grand Rapids, Mich.
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