ST. PETERSBURG – Tampa-based HomeBancorp Inc. and Mortgage Investors Corporation, a St. Petersburg-based mortgage lender specializing in VA refinance mortgage loans, recently executed an agreement for HomeBancorp to purchase Mortgage Investors Corporation.
Under the terms of the agreement – which is subject to regulatory approval – Mortgage Investors Corporation will operate as a wholly-owned subsidiary of HomeBancorp Inc. The transaction is expected to be completed in the first quarter of 2013.
“Our experience and expertise has resulted in us refinancing over 350,000 VA mortgage loans for our nation’s veterans,” said Bill Edwards, chairman of the board of Mortgage Investors Corporation, in a press release. “We are proud to have helped veterans save millions of dollars over the years in reduced mortgage payments, and we are especially proud of our more than 1,200 employees who have made this company what it is.”
According to Edwards, the two companies have worked together over the last five years and have built a strong working relationship.
It is not anticipated that the acquisition will result in any significant changes to the business operations of MIC. Edwards will retire as chairman of MIC, a position he has held since 1994, but will remain as a consultant. It is expected that the remainder of the MIC employees will remain, including all of the senior management team.