Adds Five New Loan Production Offices and 40+ Mortgage Professionals
LAKEWOOD, Colo.--(BUSINESS WIRE)--
Solera National Bank, a wholly-owned subsidiary of Solera National
Bancorp, Inc. (OTCQB:SLRK), today announced the launch of Solera
National Bank’s Residential Mortgage Division and has hired Kathleen
Stout as Executive Vice President of Solera National Bank, and President
of the Residential Mortgage Division. Solera will add five loan
production offices in Colorado including Boulder, two locations in
Colorado Springs, the Denver Tech Center and Durango. With the
expansion, Solera is adding more than 40 talented mortgage professionals
including loan officers with over 200 years of combined residential
lending experience. The transition is expected to take approximately 45
days to complete.
“We see significant opportunities in residential mortgage lending in
Colorado, and we are delighted to welcome Kathy and her team to Solera,”
said Douglas Crichfield, President and Chief Executive Officer. “Kathy’s
high energy, leadership abilities and proven expertise in residential
mortgage lending will be of great value to our institution. Our new
locations will add greater convenience to our current customers as well
as create increased small business lending opportunities throughout the
Front Range.”
After a short period to ramp up operations, the Residential Mortgage
Division is expected to significantly enhance the Bank’s profitability
through the sale of loans into the secondary market as well as through
building a high quality residential mortgage loan portfolio that will
remain on the Bank’s balance sheet.
“Home resales in the Metro Denver region continue to increase at a
relatively strong pace, with year-to-date growth of 17.1% over the same
period in 2011,” according to data compiled by the Metro Denver Economic
Development Corporation in its Monthly Economic Summary for November
2012. “Homes under contract, an indicator of future sales activity,
increased at an even stronger rate of 20%. And, according to Metrolist,
Inc., home sales in Metro Denver are at their highest levels since
2008.” Through October year-to-date, Kathy’s team has closed
approximately 1,000 loans representing $250 million in originations.
“My team and I chose Solera to partner with for a number of reasons,
including its strong service culture, the seasoned management team,
their impressive compliance platform, its rock solid balance sheet and
ample liquidity to fund our operation,” said Stout. “We are excited to
be able to join a young, healthy bank and be an important contributor to
their growth plans over the coming years.”
Ms. Stout brings over 18 years of experience in the residential mortgage
business. Most recently, she led Residential Mortgage of Colorado, LLC,
a division of Universal Lending Corporation (ULC). Prior to joining ULC
in 2011, Stout was recruited by Colorado Capital Bank to establish their
residential mortgage loan division in 2006. As President of the
Residential Mortgage Division, she successfully implemented all systems
and procedures for originating, processing, approving, closing and
shipping of residential mortgage loans to secondary market investors.
Prior to moving to Colorado Capital Bank, Stout held high-profile
positions at First Community Bank and Vectra Bank. At Vectra, she was
responsible for a team of mortgage professionals that produced in excess
of $1 billion in loan originations in 2003.
The future of the housing and mortgage markets was succinctly described
at a recent FBR Capital Markets Conference in New York City: “The
deconsolidation and standardization of the mortgage product should
transform the mortgage and housing industries and favor participants
that adapt to the new realities inherent in today’s operating
environment,” said Paul J. Miller, Jr., CFA, in his November 26, 2012
report. “FBR believes the demographics in the housing and mortgage
markets will support a healthier purchase market that should help
maintain annual originations between $1.5 trillion and $2.0 trillion
over the next five years.”
The FBR report goes on to say that, “with several larger players pulling
out or materially reducing their share of the market in the aftermath of
the financial crisis, the opportunity for smaller players in the
origination and refinancing market has increased.”
“We believe the mortgage industry continues to offer above average
growth rates and that the investment we are making will produce strong
long-term results,” said Crichfield.
Solera’s total assets were $154.7 million at September 30, 2012. Solera
recently reported net income of $168,000, or $0.07 per share, in the
first nine months of 2012, compared to $76,000, or $0.03 per share, in
the like period a year ago. In the second quarter of 2012, Solera
National Bank was recognized as the “Diversity Corporation of the Year”
by ColoradoBiz magazine, for their focus and service to the diverse
business community in Denver.
About Solera National Bancorp, Inc.
Solera National Bancorp, Inc. was incorporated in 2006 to organize and
serve as the holding company for Solera National Bank which opened for
business on September 10, 2007. Solera National Bank is a traditional,
community, commercial bank with a specialized focus serving the Hispanic
market. It prides itself in delivering personalized customer service —
welcoming, inclusive and respectful — combined with leading-edge banking
capabilities. The Bank is also actively involved in the community in
which it serves. For more information, visit http://www.solerabank.com.
Cautions Concerning Forward-Looking Statements
This press release contains statements that may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995.The statements contained in this
release, which are not historical facts and that relate to future plans
or projected results of Solera National Bancorp, Inc. (“Company”) and
its wholly-owned subsidiary, Solera National Bank (“Bank”), are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934.These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from
those projected, anticipated or implied.These risks and
uncertainties can include the risks associated with the ability to grow
the Bank and the services it provides, the ability to successfully
integrate new business lines and expand into new markets, competition in
the marketplace, general economic conditions and many other risks
described in the Company’s Securities and Exchange Commission filings.The most significant of these uncertainties are described in our
Annual Report on Form 10-K and Quarterly reports on Form 10-Q all of
which any reader of this release is encouraged to study (including all
amendments to those reports) and exhibits to those reports, and include
(but are not limited to) the following: the Company has a limited
operating history upon which to base an estimate of its future financial
performance; general economic conditions may be less favorable than
expected, causing an adverse impact on our financial performance; and
the Company is subject to extensive regulatory oversight, which could
restrain its growth and profitability.We undertake no obligation
to update or revise any forward-looking statement.Readers of
this release are cautioned not to put undue reliance on forward-looking
statements.
Solera National Bancorp, Inc.
Douglas Crichfield, 303-937-6429
President
& CEO
or
Robert J. Fenton, 303-202-0933
EVP & CFO
Source: Solera National Bancorp, Inc.