CARMEL, Indiana – Merchants Bancorp, Carmel, IN (“Merchants”; NASDAQ: MBIN) announced December 6, 2018 that its subsidiary, Merchants Bank of Indiana, has entered into an agreement with Home Point Financial Corporation (“Home Point”), to acquire the assets of Home Point’s wholly owned subsidiary, NattyMac, LLC (“NattyMac”), a warehouse lender operating out of Clearwater, Florida. Merchants expects the acquisition to close by the end of 2018.
Michael F. Petrie, Chairman and CEO of Merchants stated, “Merchants and NattyMac have had a long-standing relationship and funding partnership that has been beneficial to both of our organizations since 2014. We look forward to fully integrating all of NattyMac’s operations under our corporate umbrella.”
Merchants also fully repaid Home Point the balance of and all interest owed on the $30 million subordinated debt it had previously invested in Merchants under the NattyMac structure. Other transaction terms were not disclosed.