Mortgage Solutions of Colorado has acquired First American State Bank, which will make the Greenwood Village business one of the largest community banks in the state.
Mortgage Solutions, which does business as Mortgage Solutions Financial, and First American Bancorp, the bank’s parent company, have entered into a merger agreement. Mortgage Solutions Financial will change the bank’s legal name to MSF Bank, but First American State Bank will continue to operate under its current name.
When the merger is complete, MSF Bank will have assets of approximately $750 million. The deal, announced Wednesday, is subject to approval by federal and state regulators and First American Bancorp shareholders.
The terms of the merger have not been released.
Headquartered in Colorado Springs and founded by Air Force veteran Roy Clennan, Mortgage Solutions Financial is a national mortgage lender with nearly 60 branches operating in more than 45 states with about 600 employees.
“I have worked in the mortgage industry since 1992 and am excited about the prospect of obtaining charter banking. Switching to a bank will help us expand financial product offerings to our borrowers,” Clennan said in a statement.
Jay Davidson founded First American State Bank in 1995. The bank, with one location, has assets of $260 million.
“We have worked hard to build First American State Bank on a solid foundation of talented employees and valued customers,” Davidson said. “This partnership with Mortgage Solutions Financial represents an exciting new chapter for all of us, made possible thanks to the hard work and dedication of the entire First American State Bank team.”
Scott Yeoman, Bank President and COO, will be CEO of MSF Bank.
After the merger, MSF Bank will operate the residential mortgage division of Colorado Springs under Clennan’s supervision. He will become Executive Vice President of the Mortgage Division at MSF Bank.
MSF Bank’s commercial loan division will remain in Greenwood Village.