Horizon Credit Union has acquired Cherry Creek Mortgage Co. and will operate the mortgage business as a subsidiary.
Terms of the transaction involving the two Spokane Valley-based organizations were not disclosed.
Cherry Creek Mortgage will remain at 920 N. Argonne, although it will move soon into larger offices there, says Don Walker, president of the new Horizon subsidiary, which will continue to use the Cherry Creek Mortgage name. In addition, the mortgage operations 14 employees will be retained, says Jeff Adams, vice president of administration at Horizon.
Walker opened the Cherry Creek Mortgage outlet here in 1994 under an affiliate agreement with a Denver company. Horizon purchased the mortgage company from Walker, and has retained that agreement with the Denver-based parent company, says Tom DiLuzio, CEO of Horizon.
Adams says Horizon has offered mortgage loans in the past, but mostly as a referral-type deal through affiliated companies.
Weve done an analysis over the last couple of years of all of our products, and that was a real gap we saw, he says.
The sales transaction between Horizon and Cherry Creek has been completed, although Cherry Creek wont begin operating as a subsidiary of Horizon until Oct. 1 because the two are waiting for necessary authorizations from the federal governments VA and FHA loan programs, Adams says.
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