Fidelity Homestead Savings Bank of New Orleans has acquired NOLA Lending Group, LLC of Mandeville.
NOLA Lending, founded in 2002, is one of the area’s largest residential mortgage lenders. NOLA Lending originated more than $1.25 billion in loans over the past two years and has 24 offices in Louisiana, Mississippi, Tennessee, Florida and Alabama. Last year, NOLA Lending wrote 3,060 loans for a volume of $589 million, all residential.
After the acquisition it will operate as a division of Fidelity Homestead. Its managing partners, Richard LaNasa and Ashton Noel, will become executive vice presidents in charge of the division.
The combined bank will have a total of 382 employees, with 85 to 100 loan officers. There will be no layoffs, and neither will close any offices. NOLA Lending will retain its name at its 24 locations.
Fidelity Homestead is the eighth largest bank in the New Orleans area in terms of market share, with more than $694 million in total deposits. Fidelity wrote 1,013 loans for $120 million, 323 of which were residential totaling $66 million. Fidelity’s other loans include commercial, construction and personal, which NOLA Lending will now offer.
The deal increases Fidelity’s residential lending by more than nine times its current volume. It will also mark the first time for selling mortgages on the secondary market for the in its 106-year history.
Luxury Apartments Under Development at Camp & Canal Next Post:
New RFP Issued For Former Six Flags Site