2009-05-20
American Foundations MortgageBanc, Inc. to merge
Priority Mortgage Corporation into its operations
Combined entity offers more homebuyers
the right mortgage, at the right price
Contact:
Rob Wilson, 262-754-6498
Brookfield, Wis., May 20, 2009 – American Foundations MortgageBanc, Inc. has signed a definitive agreement to merge the operations of Brookfield-based Priority Mortgage Corporation into its operations. In addition to other business, Priority Mortgage has served as the residential mortgage arm of First Weber Group –
Wisconsin ’s largest real estate team. The move creates one of the top ten largest mortgage banking companies in southeastern
Wisconsin .
In recent months, American Foundations MortgageBanc has added over twenty new mortgage bankers and a new branch location in
Illinois as well. “We are always looking to partner with high-quality organizations that want to expand their products and services,” said Nicholas J. DelTorto, American Foundations MortgageBanc president. “These outstanding mortgage professionals are a good fit with our organization and our focus on long-term relationships.”
The employees of Priority Mortgage will continue in their current capacity when the transition is complete. “This is an exciting step for our organization and definitely positions us to better serve our customers and First Weber with a broader product offering,” said Priority Mortgage president Harold Bloch. Mr. Bloch went on to say that the combination of Priority’s experience and skill in the real estate market plus the lending power of American Foundations MortgageBanc will equal the opportunity for real estate agents and their customers to experience an even smoother transaction.
Kevin M. Donnell, president of First Weber Group, said American Foundations MortgageBanc will continue Priority Mortgage’s support of First Weber and its agents through a strategic alliance. “Our clients and agents will continue to enjoy access to the best mortgage options and pricing with all the services for a smooth, successful real estate transaction,” Donnell said. “The expanded capabilities will definitely benefit our homebuyers.”
American Foundations MortgageBanc, Inc., a wholly owned subsidiary of Generations Bancorp, Inc., generates loans through retail, wholesale and Internet channels, with headquarters in Wisconsin and offices in Massachusetts and
Illinois . Generations Bancorp, also the parent of Pewaukee-based Foundations Bank, acquired the assets of Amerihome Mortgage Company, LLC in 2008 to create American Foundations MortgageBanc. For more information, visit www.afmortgagebanc.com.
First Weber is
Wisconsin ’s largest real estate team, with more than 50 locations and a professional staff of more than 1,500. The locally owned firm reported more than $2.1 billion in sales for 2008. For more information, visit www.firstweber.com.
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