A San Diego-based mortgage company has scooped up Austin’s AmeriPro Home Loans.
Guild Mortgage Co. said it has acquired the Austin company, which has 29 branches and $750 million in loan volume as of 2015, for an undisclosed amount.
The deal is expected to close July 1 and will make Guild one of the largest independent mortgage banking companies in Texas, the company said.
“AmeriPro and Guild together will be stronger in every way than each company is today,” said Mary Ann McGarry, Guild’s president and CEO. “AmeriPro is recognized throughout the region for the quality of its customer service and empowering the individual. Guild brings technology in support of sales, custom-built systems, tools, products, a servicing portfolio, a strong balance sheet, an entrepreneurial and team-oriented approach and management strength with a group of owner managers committed to continuing success.”
The combined companies will have a workforce of more than 3,000 employees, McGarry said. AmeriPro, which has 250 workers, will retain its name. No job cuts are planned, McGarry said.
“As we grow, there will be the potential for job growth,” she said.
For Guild, which offers a range of residential mortgage products with in-house underwriting and funding, the deal will add branches in Oklahoma, Florida, Colorado, California and Utah. Guild was founded in 1960 and has grown to 234 branches and satellite offices in 25 states, generating loan volume of $13.8 billion in 2015 — an 86.1 percent increase from a year prior.
AmeriPro was founded in 2003 and in 2008 became a subsidiary of Austin-based investment firm Tenura Holdings Inc.
Chad Overhauser, who has been president of AmeriPro Home Loans, will become a regional vice president at Guild leading the AmeriPro branches.
Overhauser said his Austin firm has grown because of its strong corporate culture and the merger will take the company to a new possible level of growth.
“We’ve admired Guild’s growth from afar over the past couple of years,” Overhauser said. “Both companies have an entrepreneurial spirit and dedication to providing the highest levels of customer service. Guild adds more than 50 years of experience in the industry, plus new resources and products to benefit every homebuyer we serve.”
Overhauser formed AmeriPro in 2003, which has since grown from one branch and three employees to 29 branches with more than 250 employees.
“Guild shares AmeriPro’s focus on its people, its business practices, values, and competitive energy,” McGarry said. “AmeriPro provides Guild with market leadership in the state of Texas. This is an important step in our growth plan.”