Amerant Mortgage Launches Midwest Hub In St. Louis, Missouri

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Florida’s largest group financial institution, Amerant Financial institution, continues to develop the nationwide footprint of its mortgage subsidiary, Amerant Mortgage, by buying F&B Financial Group in St. Louis, Missouri, to launch a Midwest hub.

Chris Fox, president of F&B Monetary, will stay with Amerant Mortgage in a gross sales management position to proceed rising the retail mortgage banking footprint, the businesses mentioned Thursday.

Tony Eelman

“For Amerant Mortgage, the Midwest was the proper transfer, because it supplies geographic variety and a chance to companion with a well-respected market chief,” mentioned Tony Eelman, president of Amerant Mortgage, in a statement.

Launched as a three way partnership in 2021 with former Metropolis Nationwide Financial institution executives Howard Levine, Tony Eelman, Marshall Martin and Joe Keel, Amerant Mortgage is now an entirely owned subsidiary of Amerant Bancorp Inc.

Amerant Mortgage expanded its footprint in late 2021 with the $1 million acquisition of Boise, Idaho-based First Mortgage Firm Inc., which supplies nationwide assist of Amerant’s mortgage shoppers and referral companions. Amerant Mortgage then employed a crew of trade veterans to develop its wholesale lending channel.

Amerant Mortgage employs 43 mortgage mortgage officers, up from 27 in Might 2022, based on the Nationwide Mortgage Licensing System. It additionally sponsors one other 5. Amerant Mortgage is licensed in Connecticut, Georgia, Idaho, Illinois, Kentucky, Maine, Maryland, Montana, New Hampshire, New Jersey, Puerto Rico, Rhode Island and South Carolina.

Amerant Bank, which operates 23 banking facilities — 16 in South Florida and 7 within the Houston space — employs 153 registered mortgage mortgage originators, up from 139 in Might 2022.

In its newest quarterly earnings report, mum or dad firm Amerant Bancorp Inc. mentioned it bought $413 million in loans by means of Amerant Mortgage in 2022, together with loans originated and bought from completely different channels.

Amerant Mortgage turns worthwhile

Stand-alone internet revenue, Amerant Mortgage, together with mortgage servicing rights revenue from affiliate | Supply: Amerant Bancorp Inc. investor presentation 

After posting losses within the fourth quarter of 2021 and the primary quarter of 2022, Amerant Mortgage has generated constructive stand-alone internet revenue for 3 consecutive quarters. Through the quarter ending Dec. 31, Amerant Mortgage generated $911,000 in stand-alone revenue, after factoring in $1.68 million in revenue from mortgage servicing rights.

Though mortgage mortgage functions declined 37 p.c from the primary quarter to the fourth, when 184 mortgage requests got here in, Amerant Mortgage slashed working bills by 23 p.c to $2.27 million. As of Dec. 31, Amerant Mortgage employed the equal of 68 full-time staff, down from a peak of 79 on the finish of March. As of Jan. 12, Amerant Mortgage had 88 mortgage functions totaling $63.6 million pending.

Amerant Financial institution has additionally been working to lift its profile by partnering with the University of Miami athletic division in April and inking sponsorship offers with two skilled sports activities groups in July — the Miami Heat NBA franchise and the Florida Panthers NHL crew.

Jerry Plush

“We’re excited to not solely be capable to say we’re the official financial institution of the Panthers however to even have them as considered one of our latest clients,” Amerant Chairman and CEO Jerry Plush mentioned on a name with funding analysts. “And the identical goes for our partnership with the Miami Warmth. Banking with us is a vital a part of these partnerships.”

Plush mentioned Amerant Financial institution has acquired approval from federal banking regulators to open two new full-service banking facilities — one in Key Biscayne, Florida, and one other in Ft. Lauderdale — later this 12 months.

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E-mail Matt Carter