Merchants Bancorp in Carmel, Ind., has agreed to buy a warehouse lender in Clearwater, Fla.
The $3.8 billion-asset company said in a press release Thursday that it will buy NattyMac from Home Point Financial in Ann Arbor, Mich. The deal is expected to close by the end of this year.
“Merchants and NattyMac have had a long-standing relationship and funding partnership that has been beneficial to both of our organizations since 2014,” Michael Petrie, Merchants’ chairman and CEO, said in the release. “We look forward to fully integrating all of NattyMac’s operations under our corporate umbrella.”
Merchants said it had repaid Home Point the balance owed on $30 million in surbordinated debt, along with outstanding interest, from a prior business relationship tied to NattyMac.
Merchants would not disclose any other financial terms.