FSCM Bank To Acquire AMP’s Milestone Mortgage Unit

Posted by Orb Staff on May 07, 2010 No Comments
Categories : Residential Mortgage

New Orleans-based First Southern Capital Mortgage Bank (FSCM Bank) has signed a definitive agreement with Aviation Mortgage Partners Inc. (AMP), a Manhattan Beach, Calif.-based retail mortgage originator, to acquire AMP's Milestone Mortgage division. The acquisition is projected to increase FSCM Bank's retail loan production by over $360 million over the next 12 months.

‘The addition of Milestone Mortgage is consistent with FSCM Bank's ongoing strategy of building quality originations through both strategic acquisitions and organic growth,’ Emile Auguste Jr., FSCM Bank's chief financial officer. "I am pleased to welcome Milestone's team of highly qualified loan officers, managers and operations staff into our corporate family."

FSCM Bank, a division of First Southern Capital Development Corp., provides national and international real estate funding and mortgage banking.

SOURCE: FSCM Bank

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