Addison, TX (PRWEB) October 09, 2013
Mr. Jeff Bode, the Chairman and Chief Executive Officer of Mid America Mortgage, Inc., announced that he entered into a stock purchase agreement with Texas Bancshares, Inc. in May of 2013 for the purchase of Texas Savings Bank. As part of the transaction, Mid America Mortgage, Inc. will become a wholly owned subsidiary of Texas Savings Bank. Following the transaction, Scurry County residents will benefit from the strength and soundness of Texas Savings Bank which is expected to have in excess of $28 million in total capital, exceeding the combined capital of other banks domiciled in Scurry County.
Mid America Mortgage, Inc. is a mortgage banking company primarily engaged in the business of originating, selling and servicing residential mortgage loans. Mid America Mortgage funded in excess of $1.4 billion worth of residential mortgages in 2012 and currently services in excess of $1.5 billion in residential mortgages. In addition to serving traditional loan markets, Mid America’s 1st Tribal Lending division is the nation’s leading Native American housing lender under the HUD Section 184 Loan Guaranty Program. Mr. Bode, the sole owner of Mid America Mortgage, Inc., has a demonstrated history of success, having managed three financial companies during his career. Since its formulation in the 1940’s, Mid America Mortgage, Inc. has created a substantial footprint in the mortgage industry as a nationwide lender licensed in over 40 states with more than 300 employees and expanding aggressively.
Texas Savings Bank, SSB will remain a Snyder-based bank and will retain its headquarters in Snyder, Texas. Snyder residents will continue to enjoy the same friendly, personalized service from their local bank. As part of the transaction, the bank will open an administrative office at the home office of Mid America Mortgage in Addison, Texas. Following the transaction, the bank will develop a targeted strategy to expand its deposit base and further develop its mortgage lending activities. Once regulatory approval is received, the transaction between Texas Bancshares, Inc. and Mr. Bode is expected to be completed in the latter part of 2013.