San Diego-headquartered Guild Mortgage (NYSE: GHLD) has acquired First Centennial Mortgage, an Illinois-based privately held residential mortgage lender focused on the Midwest markets.
First Centennial Mortgage was founded by brothers Steven and David McCormick in 1995. The terms of the acquisition were not disclosed and it is unclear what changes would occur with the acquired company’s leadership and offices.
“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,” said Terry Schmidt, CEO of Guild Mortgage. “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.”
“Guild’s customer for life approach has long been practiced by all of us here at First Centennial,” said Steven McCormick, First Centennial Mortgage’s president. “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.”