American Foundations MortgageBanc's retail offices and operations are merging with Inlanta Mortgage through a strategic agreement, the companies have announced. American Foundations MortgageBanc was previously a wholly owned subsidiary of Generations Bancorp Inc.
‘We're excited that American Foundations MortgageBanc will be adding to the strength and quality that Inlanta has demonstrated over our 17 years in this business,’ says John Knowlton, president and founder of Waukesha, Wis.-based Inlanta Mortgage. "As a conservative Midwest lender, American Foundations is a group of quality mortgage lending professionals, and their core values are similar to ours and make this a perfect fit. This merger strengthens our presence in Illinois and Wisconsin."
American Foundations MortgageBanc has retail branches in Illinois and Wisconsin that will change their name to Inlanta Mortgage.
Nicholas J. DelTorto, president of American Foundations MortgageBanc, will join Inlanta Mortgage as executive vice president, and John L. Watry, chief operating officer (COO) at American Foundations MortgageBanc, will become Inlanta Mortgage's COO.
Terms of the transaction were not disclosed.
SOURCE: Inlanta Mortgage