Irvine, Calif.-based Rushmore Loan Management Services has announced that it will purchase Hamilton, N.J.-based Grand Bank's ICON Residential Lenders unit. Terms of the transaction were not disclosed.
Grand Bank also announced the appointment of Andrew Pollock as CEO of ICON, a previously vacant position. Pollock was formerly president and chief administrative officer of First California Mortgage Co. in Petaluma, Calif.
‘We are excited to have this opportunity, as ICON's business is a good complement to Rushmore's existing mortgage business,’ says Terry Smith, CEO of Rushmore. ‘We will be working closely with ICON's management team to ensure a seamless transition for customers and employees.’
‘This sale will allow Grand Bank to focus on building our core community banking business, which will benefit our existing shareholders and customers,’ says Mark A. Wolters, president and CEO of Grand Bank.