Mortgage lending company Guild Mortgage on Monday announced the acquisition of Illinois-based First Centennial Mortgage, a privately held residential mortgage lender with branches mostly located in the Midwest.
However, the financial details of the acquisition remained undisclosed.
First Centennial Mortgage was established by brothers Steven and David McCormick in 1995. The company has recently been ranked 64 from the list of top 75 lenders in the United States, according to the 2023 Scotsman Guide Top Mortgage Lenders.
“We continue to effectively execute our strategy to grow and gain market share through acquisitions where there exists a strong cultural match and the potential for value is present for both parties,” Terry Schmidt, Chief Executive Officer of Guild Mortgage, said in a press release.
“In today’s market, good companies are coming together to do great things where the whole is stronger than the sum of its parts. First Centennial has high-performing local teams with a history of steady growth, and the Guild platform should allow them to accelerate growth and supercharge the good work they are already doing,” the CEO added.
First Centennial Mortgage President Steven McCormick said both companies had similar culture and platform, focused entirely on retail, local sales and operational fulfillment.
“Guild’s customer for life approach has long been practiced by all of us here at First Centennial,” Steven McCormick said.
“For 28 years we have successfully navigated the ever-changing mortgage industry, never wavering on our commitment to customer service. Joining forces with Guild empowers our teams to continue to thrive and to help build, together, what is sure to be the best platform to serve both our borrowers and associates into the future.”
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