Foundations Bank parent company sells mortgage unit
Waukesha-based Inlanta Mortgage has acquired American Foundations MortgageBanc from Generations Bancorp Inc., the parent company of Pewaukee-based Foundations Bank.
"We’re excited that American Foundations MortgageBanc will be adding to the strength and quality that Inlanta has demonstrated over our 17 years in this business," said John Knowlton, president and founder of Inlanta Mortgage. "As a conservative Midwest lender, American Foundations is a group of quality mortgage lending professionals and their core values are similar to ours and make this a perfect fit. This merger strengthens our presence in Illinois and Wisconsin."
Financial terms of the transaction were not disclosed.
Nicholas DelTorto, president of American Foundations MortgageBanc Inc., will join Inlanta as executive vice president. John Watry will become chief financial officer of Inlanta. He was chief operating officer at American Foundations MortgageBanc.
"We’re pleased to be merging with Inlanta Mortgage and what the new combined company can offer its employees and customers," DelTorto said. "Inlanta is a top-notch organization that is highly regarded in the industry and marketplace. We look forward to continuing to provide our customers with more products and great service."
Several weeks ago, Foundations Bank announced it had agreed to a voluntary consent order with the Federal Deposit Insurance Corp. (FDIC) and the Wisconsin Department of Financial Institutions that included a plan to strengthen the bank and enhance its overall operations.
"We are actively taking steps and have already made significant progress to help us become more efficient and a better bank moving forward," said Foundations Bank president and chief executive officer Greg Kolton. "Like many financial institutions, our bank has been affected by the worldwide economic downturn, especially the local real estate market. Now, however, we have seen some positive growth in the economy, and we are confident the measures we are taking will make us stronger and more secure."
