The mortgage arm of Rockville Bank has acquired the assets of a West Springfield home-loan financier.
Rockville Bank Mortgage Inc., a wholly owned subsidiary of Rockville Bank in Vernon, has acquired the assets of Family Choice Mortgage Corp., a residential mortgage lender licensed in Connecticut, Massachusetts, and Rhode Island.
William J. McGurk, president and CEO of Rockville Bank, said the acquisition will create cross-sell opportunities and generate fee income for the bank.
“This acquisition expands Rockville Bank’s mortgage lending activities along the I-91 corridor all the way from Hamden up to Springfield,” McGurk said.
A branch of the new mortgage company is in Hamden.
Family Choice provides residential first mortgages for sale to investors in the secondary market.
McGurk said Family Choice’s mortgage products complement Rockville Bank’s product line, as they specialize in Federal Housing Administration loans, Veterans Administration loans, loans to first time home buyers, reverse mortgages, and investor properties.
As part of the acquisition, Family Choice President Jeffrey Lipes and his mortgage bankers will join Rockville Bank Mortgage.
Christopher Buchholz, executive vice president of Rockville Bank, will oversee Rockville Bank Mortgage, Inc. operations.
McGurk said the acquisition “will have no impact on Rockville Bank’s lending processes, and our branches will continue to originate loans for the bank.”Â
