It will become the eleventh bank in Colorado and is known as the Doctors Without Borders Bank
Mortgage Solutions of Colorado, LLC d/b/a Mortgage Solutions Financial and First American Bancorp announced Jan. 5 that they have entered into a definitive merger agreement whereby Mortgage Solutions Financial will acquire First American State Bank.
Mortgage Solutions Financial will be the surviving entity and will change its name to MSF Bank. First American State Bank will continue to do business under this name at its Greenwood Village location. The merger is subject to approval by state and federal regulators and shareholders of First American Bancorp, the parent company of First American State Bank.
Headquartered in Colorado Springs, Mortgage Solutions Financial is a national mortgage lender with approximately 60 branches operating in more than 45 states with approximately 600 employees. It is consistently ranked among the top five independent mortgage lenders in the US for producing VA loans—a fitting honor for a company founded by Air Force veteran Roy Clennan.
“I’ve been in the mortgage industry since 1992 and am excited about the prospect of charter banking. Switching to a bank will help us expand our borrowers’ financial product offerings,” says Clennan.
The first US government bank was founded in 1995 by Jay Davidson. It is a single-location Colorado banking firm with $260 million in assets.
“We have worked hard to build First American State Bank on a solid foundation of talented employees and valued clients. This partnership with Mortgage Solutions Financial represents an exciting new chapter for all of us, made possible by the hard work and dedication of the entire First American State Bank team,” he says. Davidson.
After the merger is completed, MSF Bank will have assets of approximately $750 million, making it the 11th largest community bank in Colorado based on asset size.
Scott Yeoman, current First American State Bank President and COO, will take over as CEO of MSF Bank. He has extensive experience in the banking industry assisting high-performance teams and focused banking strategies.
Following the merger, MSF will continue to operate the residential mortgage division in Colorado Springs under the direction of current president of Mortgage Solutions Financial, Rob Clennan, who will become executive vice president of MSF Bank’s mortgage division. MSF Bank’s commercial loan division will remain in the Greenwood Village branch of First American State Bank and will be managed by David Korn, who has been with First American State Bank since 2008.
Terms of the deal have not been announced. Bancorp’s first US shareholders will receive more information about the proposed transaction and the upcoming special shareholder meeting in the near future.
In connection with the transaction, Otteson Shapiro LLP acted as legal advisor to Mortgage Solutions Financial. Piper Sandler & Co. has served as a financial advisor and Luis Rocca Rothgerber Christie LLP has served as legal advisor to First American State Bank and First American Bancorp.
Certain statements in this press release that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made in accordance with the safe harbor provisions of Section 27A. of the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934, as amended. These forward-looking statements are typically identified through the use of phrases such as “objective,” “expect,” “estimate,” or “expect” and similar words and phrases that indicate that the statement addresses some future outcome, occurrence, planning or objective. Forward-looking statements made by Mortgage Solutions Financial are based on our current expectations and assumptions regarding Mortgage Solutions Financial’s business, the economy, and other future conditions. Because forward-looking statements relate to future results and events, they are subject to inherent uncertainties and risks that are difficult to predict. Many potential events or factors could affect Mortgage Solutions Financial’s future financial results and performance and could cause such results or performance to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, among others: the possibility that the expected benefits from the merger may not be realized when expected or at all, including as a result of the impact or problems arising from the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas in which First American State Bank undertakes and Mortgage Solutions Financial of their businesses, the potential for a merger to be more costly than expected, including as a result of unforeseen factors or events, a diversion of management attention from ongoing business operations and opportunities, and potential adverse reactions or changes in business or employee relationships, including Those resulting from the successful completion of the First American State Bank merger. Mortgage Solutions Financial disclaims any obligation to update these factors or publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
For additional information about a merger or Mortgage Solutions Financial, contact Bobbie Collins at bobbie.com.
For information on First American State Bank, contact Jay Davidson at email@example.com.