Luminate Bank in Falcon Heights, Minn., has agreed to buy First State Mortgage Services.
The $554 million-asset Luminate said in a press release that it will buy assets from the business and will retain members of its team. The price wasn’t disclosed.
“This is an important step forward for Luminate Bank and a powerful combination of two organizations that share the same fundamental values,” Eric Lovins, Luminate’s president of Mortgage Lending, said in the release. “From our earliest conversations, it was clear that Rene Shaffer and her team were an exceptional fit.”
“The mortgage process represents a unique opportunity to support clients through some of the most meaningful and stressful financial transactions of their lives,” Rene Shaffer, First State Mortgage’s CEO, said in the release. “Our value alignment with the team at Luminate Bank was immediately clear, and I’m proud to join this team alongside many of my longtime colleagues.”