San Diego's Guild Mortgage says it will acquire another independent mortgage lender in a deal that will bolster its presence in the Midwest.
Terms of the deal weren't disclosed.
The lender has agreed to buy Cornerstone Mortgage Inc., of St. Louis, Missouri, in a deal expected to close March 1.
Cornerstone, which has 19 offices across Missouri, Illinois and Kansas and more than 200 employees, reported loan volume of $1 billion in 2017.
The Missouri-based lender was founded in 1996 by Angi Stevenson, current president and CEO, and the late Jim Dean. Stevenson will join Guild as regional vice president of its newly established Midwest region.
Mary Ann McGarry, president and CEO of Guild, said the acquisition of Cornerstone fits with Guild’s strategic plan to grow in existing markets and also acquire firms with a strong presence in new markets.
Guild, founded in 1960, had loan volume of $15.9 billion in 2017. The company operates more than than 250 branches in 27 states and employs about 4,000 people nationwide.