ViewPoint Financial Group, Plano, Texas, has agreed to purchase Highlands Bancshares, and its subsidiary bank, First National Bank of Jacksboro, in a stock deal valued at $71 million.
Under the terms of the agreement, each outstanding share of Highlands common stock will be exchanged for 0.6636 shares of ViewPoint stock upon closing.
The privately held First National operates in the Dallas marketplace as Highlands Bank. It has just over $500 million in assets and is considered a commercial bank. ViewPoint is publicly traded under the symbol VPFG.
ViewPoint, on the other hand, has a large presence in warehouse financing to nonbank mortgage firms. At the end of September ViewPoint had $910 million of commitments on its books and roughly 34 active lines.
At the end of the third quarter it had $465 million of outstanding warehouse loans, giving it a usage rate of just over 50%.
ViewPoint was advised on the transaction by Sandler O’Neill Partners. Commerce Street Capital, LLC and FBR Capital Markets Co. advised Highlands.
Daily Briefing | Monday, December 12, 2011
FHFA’s Inspector General Needs a MSR Evaluator, but Why?
The Inspector General’s office of the Federal Housing Finance Agency is taking bids on a contract to evaluate mortgage servicing rights, according to a ‘request for proposal’ being circulated around the industry.
G-Fee Hike in GOP Version of the Payroll Measure
House Republican leaders have included a hike in GSE guarantee fees in their bill to extend a payroll tax holiday that is similar to a Senate version, which means seller/servicers could be facing higher g-fees next year.
Late Rates on HOA Dues Are Increasing
State and local governments aren’t the only ruling bodies feeling the impact of the housing meltdown. So are homeowner associations, the “mini” governments that ride herd over hundreds of thousands of communities from coast to coast.
CFPB Action on ‘Ability to Repay’ Will be Delayed
The Consumer Financial Protection Bureau’s authority to finalize an “ability to repay” standard for lenders is being questioned, a situation that likely will slow efforts by other regulators working on a rule that exempts certain high qualify mortgages from risk retention.
Slight Improvement for Radian
Radian Guaranty Inc.’s delinquent loan inventory declined by a scant 256 loans between October and November as new notices of defaults outpaced cures by nearly 1,800 loans.
Ashford Restructures $203 Million Loan
Ashford Hospitality Trust Inc., Dallas, has restructured and extended the maturity date on a $203.4 million mortgage loan that was originally due this month. According to the company’s third quarter 10-Q filing, the loan is secured by five hotels; the lender was not disclosed.
44,100 Down, 4,700 More to Go in South Florida
More than 90% of the nearly 49,000 condominium units built in South Florida since the real estate boom began in 2003 have been sold. But that still leaves about 4,700 units to go.
IMA Selling Bulk MSRs of $186MM
Interactive Mortgage Advisors, Denver, is auctioning off a $186 million bulk package of Government National Mortgage Association servicing rights.
BNC Images Mortgage Docs to Stay Compliant in a Tough Market
BNC National Bank‘s Doug Brendel is shoulder deep in all of the challenges facing mortgage lenders in the new post-crisis market – expansive compliance requirements, new disclosures, compressed loan processing times, a growing mountain of documentation, and the need for staff buy-in to necessary changes in familiar work processes.
Regulators Unveil Plan to Remove Credit Ratings from Capital Requirements
Federal regulators took another step last week toward lessening banks’ reliance on credit ratings by proposing three methods for assessing risk on firms’ trading books.
3Q11 Sees CRE Debt Decreasing $22B
The drop over 3Q11 of commercial and multifamily loans is a credit positive for CMBS, according to Standard Poor’s in a note released Friday.