Western Alliance Completes Previously Announced AmeriHome Mortgage Company Transaction
Published
Apr 07 2021 at 8:16 PM GMT
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- Western Alliance Bancorporation ("Western Alliance") (NYSE:WAL) today announced it has completed the acquisition of Aris Mortgage Holding Company, LLC, the parent company of AmeriHome Mortgage Company, LLC ("AmeriHome").
- Based on AmeriHome's closing balance sheet and a $275 million premium, total consideration is approximately $1.22 billion.
- "We are pleased to announce the completion of the AmeriHome acquisition as we successfully concluded the government-sponsored enterprise and state licensing process ahead of schedule," said Ken Vecchione, President and Chief Executive Officer of Western Alliance.
- "Additionally, we have signed an agreement for the sale of approximately $750 million of mortgage servicing rights to strong counterparties that will allow Western Alliance to retain substantially all of the custodial deposits, which is expected to be completed in May.
- Both Western Alliance and AmeriHome have already begun to recognize the meaningful synergies of this partnership and we are enthused by this strong momentum to date.
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- Published Apr 7, 2021 8:16 PM GMT