Sunday, April 30, 2006
© Copyright 2014
Gwinnett Daily Post
LAWRENCEVILLE - Most banks start mortgage divisions from scratch.
But this community bank decided to buy a thriving Gwinnett mortgage business that caught its eye.
Suwanee-based Quantum Bank recently purchased Southeastern Mortgage & Financial. The deal brings together two veterans of the local financial and banking industry - Southeastern's CEO Newell Edenfield and Quantum's president and chief executive Doug Wren.
The merger, whose terms were not disclosed, is seen as a perfect match for both companies.
The 10-year-old Quantum Bank does a lot of business with residential and commercial developers. Southeastern, around since 1990, has originated thousands of loans and is viewed as one of the most recognized names in the local mortgage business.
"We're buying that referral business," Wren said.
Edenfield built his company a little bit differently than most. He went straight to the customers, whether in their homes, at work, on the golf course, Saturday or Sunday.
"We were wholesaling mortgage services," Edenfield said.
In the competitive Atlanta financial industry, most banks want a mortgage business. But it would probably take up to 18 months to get one up and running, Wren said.
"We're hitting the ground running by merging with Newell's company," he said.
Southeastern will be housed in the annex to Quantum's Suwanee building. Quantum also has a branch in Alpharetta.