San Diego-based national lender Guild Mortgage continued its expansion through acquisition by buying family-owned First Centennial Mortgage, based in Illinois. First Centennial includes 15 branches and nine satellite offices in 17 states primarily in the Midwest. The terms of the acquisition were not disclosed.
Founded in 1960, Guild Mortgage Co. provides residential mortgage products and local in-house origination and servicing. It has more than 4,000 employees and over 300 retail branches and works with credit unions, community banks, and other financial institutions in 49 states and the District of Columbia.
“We continue to effectively execute our 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,” Guild CEO Terry Schmidt said in a release. “In today’s market, good companies are coming together to do great things where the whole is stronger than the sum of its parts. 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 by brothers Steven and David McCormick in 1995, privately held residential mortgage lender First Centennial Mortgage has been recognized as one of the fastest-growing private companies in the U.S. by Inc. Magazine from 2017–2022.
First Centennial Mortgage President Steven McCormick said his company has a similar culture and platform to Guild, focused on retail, local sales, and operational fulfillment.
“Guild’s customer for life approach has long been practiced by all of us here at First Centennial,” he said McCormick. “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.”