Mortgage Solutions of Colorado is acquiring First American State Bank, which will make the Greenwood Village business the state’s 11th largest community bank.
Mortgage Solutions, doing business as Mortgage Solutions Financial, and First American Bancorp, the bank’s parent company, have entered into a merger agreement. Mortgage Solutions Financial will change the bank’s legal name to MSF Bank, but First American State Bank will continue operating under its current name.
When the merger is complete, MSF Bank will have assets of about $750 million. The transaction, announced Wednesday, is subject to approval by federal and state regulators and the First American Bancorp shareholders.
The merger’s terms weren’t released.
Headquartered in Colorado Springs and founded by Air Force veteran Roy Clennan, Mortgage Solutions Financial is a national mortgage lender with nearly 60 branches operating in over 45 states with about 600 employees.
“I’ve worked in the mortgage industry since 1992 and am excited by the prospect of acquiring a bank charter. Becoming a bank will help us expand financial product offerings to our borrowers,” Clennan said in a statement.
Jay Davidson founded First American State Bank in 1995. The bank, with one location, has $260 million in assets.
“We’ve worked hard to build First American State Bank on a solid foundation of talented employees and valued clients,” Davidson said. “This partnership with Mortgage Solutions Financial represents an exciting new chapter for all of us, made possible by the hard work and dedication of the entire First American State Bank team.”
Scott Yeoman, the bank’s president and chief operating officer, will be MSF Bank’s chief executive officer.
Following the merger, MSF Bank will operate its residential mortgage division in Colorado Springs under the direction of Clennan. He will become the MSF Bank’s executive vice president, mortgage division.
The commercial loan division of MSF Bank will remain in Greenwood Village.
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