LAKE
CITY, Fla., April 18,
2024 /PRNewswire/ -- First Federal Bank and Watson
Mortgage Corp. announce that they have signed a definitive
agreement for First Federal Bank to acquire the mortgage group. The
transaction brings together two teams skilled at delivering results
and award winning customer experiences. As a community-based mutual
institution headquartered in Lake City,
FL, First Federal Bank is owned by its customers rather than
stockholders, and has 25 branches in the Southeast and operations
in the Midwest.
Under the terms of the agreement, First Federal Bank will
purchase Watson's mortgage business assets and will continue to
serve Watson's mortgage customers throughout the entire Watson
Realty footprint. With the acquisition, First Federal will gain
tenured loan officers and will extend the benefits of community
banking, customer service, and stability to the expanded customer
base. John Medina, President and
CEO, shares "Our mission is to provide solutions from a financially
stable institution that is a great place to work and bank. This
acquisition underscores our commitment to our customers and the
residential mortgage sector. We look forward to serving the Watson
Mortgage customers with the same excellence they came to expect
from the team."
"We are pleased to have come to an agreement that permits our
talented and dedicated team to continue providing mortgage
solutions to our customers and serve our teams with valuable
mortgage expertise. Watson's strategic plan for 2024 includes a
strong focus on helping customers secure homes, in a challenging
rate environment," says Bill Watson,
Chairman of the Board of Watson Realty Corp.
The acquisition of the Watson mortgage team allows First Federal
Bank to better serve the customers of both organizations by
offering additional technology tools and an expanded product
offering. First Federal anticipates retention of the vast majority
of employees of the Watson Mortgage. "We look forward to welcoming
the new employees and the Watson relationship to our Residential
Lending Team. Watson Mortgage will enhance our retail lending
capabilities and market share in the communities we serve," says
Paul Ottendorf, Residential Lending
Division President. It is anticipated the Watson platform will
transition to the First Federal brand within a few months of
closing. Since 2020, customers have increased their use of digital
tools and First Federal continues to invest in providing
cutting-edge digital solutions to customers, coupled with personal
service. "Watson's team excels at serving our customers and looks
forward to add to our product offerings and joining the larger
First Federal mortgage business," says Mike
DiClemente, President of Watson Mortgage. With the steady,
forward-thinking leadership, the bank will continue to be lauded as
one of the best regional banks.
About First Federal Bank
First Federal Bank is a leading financial institution committed
to serving the needs of its customers and communities. With banking
locations in northern and central Florida and coastal South Carolina, and mortgage operation centers
in Jacksonville, FL, Alpharetta, GA, Madison, WI, and Overland Park, KS, First Federal Bank is a
community-owned bank that provides a wide range of consumer and
commercial banking solutions, services, and loans. Additionally,
SBA and USDA customers are served by lending offices across the
Southeast and Midwest, and mortgages are offered nationwide. With
over $3.9 billion in assets, First
Federal is headquartered in Lake City,
Florida and has a steadfast focus on innovation and customer
satisfaction. The bank is consistently recognized with a "5-Star,
Superior" rating from BauerFinancial, Inc. for over 20 years.
Furthermore, Newsweek named First Federal the "Best Small Bank in
Florida" for four consecutive
years from 2020 to 2023 and "Best Regional Bank" for 2024. To learn
more, visit the website at www.ffbf.com.
About Watson Mortgage Corp.
Established in 1994, Watson Mortgage Corp. has been a trusted
partner in helping customers achieve their dream of homeownership
for over 30 years. Our mission is centered on providing a legendary
quality of service that leads to customer satisfaction and lasting
relationships. Each member of our team is dedicated to prioritizing
your needs and keeping you informed every step of the way, from the
initial home loan inquiry to closing day, ensuring an exceptional
home loan experience. We are committed to serving our communities
as the leading lender of choice. Our vision is focused on exceeding
customer expectations throughout the entire home loan process,
delivering legendary quality of service to all customers and
business partners. We are honored to play a role in delivering the
keys to the people we serve, making homeownership dreams a
reality.
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SOURCE First Federal Bank