Christopher George, founder of California Multi Access Mortgage Lenders China Merchants Financehas reached an acquisition agreement Jinglin Financial Group,owner greenwood state bank. The financials of the deal were not disclosed.
George will become the indirect wholly-owned owner of the $575 million FDIC state-chartered bank in Lake Mills, Wisconsin, which provides products to clients, businesses and wealth management. Founded in 1893, Greenwoods has been challenged by restrictive monetary policies implemented by the government. United States Federal Reserve (Federal Reserve) over the past few years.
Meanwhile, CMG Financial was founded in 1993 by George. Mortgage Bankers Association (MBA) Chairman, through M&A transactions and organic growth. In 2024, it acquired Norcon MortgageRetail assets in April. In 2023, the company added the retail arm of Homebridge Financial Services in March, clover home loan‘ Founding team in November.
According to statistics, in the first half of 2024, CMG was the 13th largest mortgage lender in the United States, issuing $11.8 billion in mortgage loans, an annual increase of 22% Inside Mortgage Finance.
George’s goal is to assist Greenwood in expanding the bank’s reach and market share in Wisconsin and throughout the Midwest. Greenwoods currently has nine locations in southern Wisconsin, including in Jefferson, Greene, Rock, Racine, Walworth and Waukesha counties.
“In today’s high interest rate environment, we are excited to bring innovative products and ideas to help address the challenge of creating better affordable housing options,” George said in a statement.
Examples of products include a first-lien home equity line of credit (HELOC) linked to a checking account that accelerates mortgage repayments, called an “all-in-one loan,” and a downpayment crowdfunding platform called “HomeFundIt.”
“This change involves the transfer of the bank’s shareholders and is not an acquisition or merger by a large corporate entity or another bank,” Greenwood said in a statement. “Greenwood State Bank will be owned by a single person, pending regulatory approval and a vote of the board of directors.”
Greenwoods Financial Group CEO Bill McDonald and Greenwoods State Bank CEO Rob Cera will continue to lead both companies.
The acquisition is subject to shareholder and regulatory approval and is expected to close in the first quarter of 2025. Sullivan & Cromwell LLP and Rosenberg Law Firm Serves as George’s advisor while also Reinhart Boerner Van Deuren, sc. Greenwood State Bank provided advice.
