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Home > BizTimes Daily > Archives > October 23, 2008
Foundations Bank parent buying Amerihome Mortgage
Published October 23, 2008 - BizTimes Daily
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Generations Bancorp Inc., the parent company of Pewaukee-based Foundations Bank, announced today that it has agreed to purchase Brookfield-based Amerihome Mortgage Company LLC to create a wholly-owned mortgage banking subsidiary called American Foundations MortgageBanc Inc.
"The new entity will continue all current Amerihome operations, with the benefits of being a mortgage banking subsidiary of our financial holding company," says Greg Kolton, chairman, president and chief executive officer of Foundations Bank and Generations Bancorp. "Even in the current economy, people are buying homes and need traditional mortgage products. Amerihome is a top-quality company known for experienced people who provide safe and sound mortgage financing products. The management philosophy and culture are synergistic with those of the bank. We both believe in building long-term relationships based on trust."
Kolton said the new subsidiary's strength will position it to be a reliable source of mortgage products.
"This addition to the Foundations Bank family will also give the bank more opportunities to reach customers with our high-quality products and services," he said.
Nicholas J. DelTorto, president and CEO of Amerihome, will serve as president and CEO of American Foundations MortgageBanc, Inc. Amerihome employees will continue in their current positions.
"As part of Generations Bancorp, we'll have access to more capital to support our continued growth," DelTorto said. "Through being aligned with a strong bank, we can offer our customers greater long-term stability."
Kolton said the new subsidiary will bring more revenue to Generations Bancorp and more potential customers to Foundations Bank.
"American Foundations MortgageBanc Inc. will continue to offer the same great mortgage products, helping customers find the right mortgage, at the right price, while experiencing a smooth, professional mortgage process," he said.
