Wilson Bank Holding in Lebanon, Tenn., has formed a mortgage joint venture.
The $4.1 billion-asset company said in a press release Thursday that it had created Encompass Home Lending with Celebration Homes and Willow Branch Homes.
Wilson said the effort was profitable in its first month of operations.
“We have been impressed with both builder teams as well as the leadership and mutual values in place that will be key to growing this relationship,” the company said in the release. “This new home purchase joint venture will give us the opportunity to serve hundreds of new customers around the Middle Tennessee area.”
The announcement comes at a time when interest rates are rising quickly, leading a number of banks to take a look at their mortgage strategies.