Christopher George, the visionary behind California’s thriving multichannel mortgage lender CMG Financial, has made headlines with his recent acquisition of Greenwoods Financial Group, the proud owners of Greenwoods State Bank. The terms of the deal have been kept confidential, but the implications are far-reaching and promising.
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Building a Financial Empire:
George will now hold an indirect ownership stake in a formidable institution – a $575 million FDIC-state chartered bank in the heart of Lake Mills, Wisconsin. Greenwoods State Bank boasts a rich history dating back to 1893, but has faced challenges in recent years due to the Federal Reserve’s monetary policy constraints. -
A History of Strategic Growth:
CMG Financial, established by George in 1993, has experienced exponential growth through strategic mergers and organic expansion. The recent acquisition of Norcom Mortgage’s retail assets in April 2024, coupled with previous successes in incorporating Homebridge Financial Services’ retail division and Shamrock Home Loans’ origination team in 2023, solidified CMG’s position as the 13th-largest U.S. mortgage lender in the first half of 2024. -
A Vision for the Future:
George’s goal is to amplify Greenwoods’ presence and influence in Wisconsin and beyond, aiming to tap into untapped markets and bolster market share. Greenwoods currently operates nine locations across southern Wisconsin, serving counties like Jefferson, Green, Rock, Racine, Walworth, and Waukesha. -
Innovative Solutions for a Changing Landscape:
George’s commitment to revolutionize the industry is evident in the inventive products offered by CMG Financial, such as the All in One Loan – a first-lien HELOC tied to a checking account to expedite mortgage repayment, and HomeFundIt, a platform for crowdfunding down payments. These innovations aim to make homeownership more attainable in the face of escalating real estate costs. - Stability Amidst Transition:
Despite the change in ownership, Greenwoods State Bank assures stakeholders that continuity will be maintained. Bill McDonald, CEO of Greenwoods Financial Group, and Rob Cera, CEO of Greenwoods State Bank, will continue to lead the institutions, ensuring a seamless transition.
As the acquisition awaits final approvals, George’s optimistic outlook points toward a bright future for both CMG Financial and Greenwoods State Bank. The strategic counsel from Sullivan & Cromwell LLP and RSM US LLP for George, and Reinhart Boerner Fromm, sc. for Greenwoods State Bank, underscores the meticulous planning and foresight behind this transformative partnership. This alliance symbolizes innovation, growth, and a shared commitment to financial excellence in an ever-evolving market landscape.
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