BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Sterne Agee Group, Inc., one of the nation’s largest and oldest privately-owned financial services companies, announced today that it has signed a definitive agreement to acquire Florida-based residential mortgage lender FBC Mortgage, LLC. FBC, headquartered in Orlando, Florida with over 200 employees throughout Florida and 15 employees in Denver, Colorado. Currently licensed in 15 states, FBC originates loans both through retail and wholesale lending channels.
Once combined, the two entities will have 1,500 full time employees in 65 offices throughout the United States. “The acquisition is the continuation of Sterne Agee’s strategic plan to expand the products and services that Sterne Agee offers as a full-service financial services company,” stated James S. Holbrook, Jr., Sterne Agee’s Chairman and CEO. “Sterne Agee is very pleased to welcome FBC into its family of companies.”
“We have been looking for a partner with the stature and reputation of Sterne Agee. This merger will give us the resources to continue our growth while providing our initial members with a liquidity opportunity. It has been exciting to launch FBC with our fathers guidance in late 2005 and then find a way to navigate and grow through one of the toughest recessions in U.S. history,” stated Sal A. “Joe” Nunziata, FBC’s Chairman and Co-CEO. Speaking further about the merger, Rob Nunziata, FBC’s President and Co-CEO stated, “This acquisition was a perfect fit for FBC. It gives us the platform to expand more rapidly into new markets and keep our team together. We are very excited to be able to offer our services to Sterne Agee’s over 500 community bank clients. Our residential mortgage wholesale banking platform works directly with community banks and this merger opens us up to a whole new group of banks.”
About FBC Mortgage
Founded in 2005 in Orlando, Florida, FBC Mortgage, LLC is an employee and community owned mortgage banker affiliated with Florida Bank of Commerce. Headquartered in Orlando, Florida, with branches across the State of Florida and licenses throughout most of the United States, FBC is “Your Hometown Lender”. FBC operates under the FBC Mortgage, CloseQuick, and Home Loans Today names. FBC Mortgage provides competitive rates on home loans (FHA, VA, Conventional, USDA), construction loans, and FHA 203k rehab loans. The award-winning company also specializes in refinancing home loans. Visit us on the web at www.fbchomeloans.com or call us at 1-866-413-2563.
About Sterne Agee
Founded in 1901 in Birmingham, Alabama, Sterne Agee is one of the oldest and largest privately-owned investment banking firms in the nation. Sterne Agee employs 1,300 employees working in 49 offices across 22 states. Sterne Agee is the trade name used by certain affiliates of Sterne Agee Group, Inc., including Sterne, Agee & Leach, Inc. a member of NYSE/FINRA/SIPC. For more information, visit www.sterneagee.com.
Contact at Sterne Agee:
William K. Holbrook, 205-380-1765
wholbrook@sterneagee.com
or
Contact at FBC:
Stephanie Simmons, 407-377-0327
ssimmons@fbcmtg.com
Source: Sterne Agee