The Federal Savings Bank and Union Bank & Trust Announce Agreement to Team Together to Offer Residential Mortgages
May 23 2018 - 9:14AM
The Federal Savings Bank (TFSB), one of the largest privately held,
federally chartered, veteran-owned banks in America focused on
residential lending, and Union Bank & Trust (Union) today
announced that they signed a definitive agreement to team together
to offer TFSB residential mortgages. With the agreement, The
Federal Savings Bank will offer a wide range of residential
mortgage products and services from Union locations.
As a result of this arrangement between TFSB and Union, Union
will begin winding-down the operations of Union Mortgage Group
(UMG), its wholly owned subsidiary.
The agreement will increase TFSB’s ability to help more
customers, particularly on the Eastern Seaboard, with their home
lending needs. Through personalized attention and by leveraging the
latest technology, TFSB’s mortgage professionals use their
expertise to facilitate safe and sound lending practices and make a
highly regulated, complex and sophisticated loan transaction
transparent and understandable for customers. Robert Jones,
regional senior vice president at TFSB, will lead the
initiative.
“The arrangement with Union was particularly attractive given
Union Bank & Trust’s solid reputation, commitment to excellence
and geographic footprint on the East Coast,” said Steve Calk,
chairman and CEO of The Federal Savings Bank. “We look forward to
leveraging our home lending experience to help more customers
achieve the American Dream of home ownership.”
“We have conducted a careful review of UMG through the lens of
Union’s strategic priorities and concluded the best way to offer a
mortgage loan solution is through allowing TFSB to offer its
mortgages from Union locations instead of operating UMG as a
vertically integrated, stand-alone mortgage subsidiary,” said John
C. Asbury, president and chief executive officer of Union
Bankshares Corporation. “We believe that teaming with The Federal
Savings Bank will allow TFSB to offer outstanding mortgage
solutions to our customers and provide a smooth transition to the
new approach.”
TFSB expects to hire the vast majority of UMG employees. The
Federal Savings Bank, which originates loans in all 50 states,
plans to hire more exceptional mortgage professionals to support
the group’s ongoing efforts and grow the business and the
arrangement with Union is expected to create many new jobs in the
region.
For more information about TFSB’s mortgage services, visit
https://www.thefederalsavingsbank.com/mortgage/buying-a-home.
About The Federal Savings BankThe Federal
Savings Bank, one of the largest privately held and most successful
veteran-owned banks in America, is an industry leader providing
tens of thousands of Americans a path to home ownership through
residential home lending. As a federally chartered bank, its highly
experienced bankers are experts in lending in all 50 states and
have the ability to help those customers achieve the American
Dream. In recent years, the Bank’s exceptional work has earned
accolades from Ellie Mae, The ABA Banking Journal and Bauer
Financial. For more information, visit
www.thefederalsavingsbank.com.
About Union Bankshares CorporationHeadquartered
in Richmond, Virginia, Union Bankshares Corporation (NASDAQ:UBSH)
is the holding company for Union Bank & Trust, which has 150
branches, 39 of which are operated as Xenith Bank, a division of
Union Bank & Trust of Richmond, Virginia, and approximately 216
ATMs located throughout Virginia and in portions of Maryland and
North Carolina. Union Bank & Trust also operates Shore
Premier Finance, a specialty marine lender. Non-bank
affiliates of the holding company include: Union Mortgage Group,
Inc., Old Dominion Capital Management, Inc. and Dixon, Hubard,
Feinour, & Brown, Inc., which both provide investment advisory
services, and Union Insurance Group, LLC, which offers various
lines of insurance products.
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that include projections, predictions,
expectations, or beliefs about future events or results or
otherwise are not statements of historical fact, are based on
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the date made, and are inherently subject to risks and
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“estimate,” “plan,” “project,” “anticipate,” “intend,” “will,”
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companies and their management about future events. Although each
company believes that its expectations with respect to
forward-looking statements are based upon reasonable assumptions
within the bounds of its existing knowledge of its business and
operations, there can be no assurance that actual results,
performance, or achievements will not differ materially from any
projected future results, performance, or achievements expressed or
implied by such forward-looking statements. Actual future results
and trends may differ materially from historical results or those
anticipated depending on a variety of factors including unforeseen
external factors. The companies undertake no obligation to
update any forward-looking statement.
MEDIA
CONTACT:
Kellie Kennedy kelliek@theharbingergroup.com 312/933-4903
Union Contacts:Investors: Bill Cimino (804) 448-0937, VP and
Director of Investor RelationsMedia: Beth Shivak, (804) 327-5746,
VP and Director of Corporate Communications
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