Deal to increase the company's retail mortgage market share
San Diego-based Guild Mortgage has announced its acquisition of First Centennial Mortgage, a residential lender headquartered in Illinois with branches predominantly located in the Midwest.
While the companies didn’t disclose the financial terms of the deal, Guild CEO Terry Schmidt said the move was part of the company’s strategy to “grow and gain market share through acquisitions where there exists a strong cultural match, and the potential for value is present for both parties.”
The transaction comes four months after Guild’s “mini acquisition” of the Lowe Group, a team of mortgage experts serving eight locations in California.
Read more: Guild Mortgage establishes new California offices
“In today’s market, good companies are coming together to do great things where the whole is stronger than the sum of its parts,” Schmidt said in a release. “First Centennial has high-performing local teams with a history of steady growth, and the Guild platform should allow them to accelerate growth and supercharge the good work they are already doing.”
Founded in 1995, First Centennial is a family-owned lender focused on retail, local sales, and operational fulfillment. The company was recognized as one of the fastest-growing private US companies by Inc. Magazine from 2017 to 2022.
“Guild’s customer-for-life approach has long been practiced by all of us here at First Centennial,” said Steven McCormick, president of First Centennial Mortgage. “For 28 years, we have successfully navigated the ever-changing mortgage industry, never wavering on our commitment to customer service. Joining forces with Guild empowers our teams to continue to thrive and to help build, together, what is sure to be the best platform to serve both our borrowers and associates into the future.”
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