The Provident Bank has acquired United Bank’s ResX Warehouse Lending portfolio from People’s United Bank.
“The expertise and leadership of the ResX team provided us an opportunity to obtain a portfolio that is immediately accretive to earnings,” says David Mansfield, CEO of The Provident Bank. “The warehouse lending business is a niche business that parallels our strategy of engaging in specialized businesses where we can have expertise and focus. Our technology and banking products provide a compelling reason for businesses to transact with The Provident Bank.”
ResX Warehouse Lending will conduct business as a division of The Provident Bank from Ponte Vedra Beach, Fla. The division targets creditworthy, small- to mid-cap, independent mortgage banking companies for warehouse lines from $3 million to $25 million.
“By providing flexible, high-touch personal service, we meet the needs of smaller organizations,” says Ken Jones, president of the ResX division. “Our experience and business acumen provide a consultancy relationship that is valued by many clients. This results in ResX forming long-term, sustainable relationships with its clients.
“We’ve built a strong base and culture over the past couple of years with United Bank, which positions us to take advantage of growth opportunity,” he adds. “We expect to continue our pattern of growth by providing a superior customer experience, offering competitive products, while maintaining a culture of safety and soundness. The forecast of a stable interest rate environment and continued growth in housing will help facilitate our objectives.”