Two Chicago Bancorp executives this week acquired the charter and assets of Generations Bank, an FDIC-insured savings bank based in Overland Park, Kan., and plan to ramp up production of both residential and commercial loans.
Chicago Bancorp founder and chairman/CEO Stephen Calk will serve as the new chairman of Generations Bank, which he and his brother, John Calk, purchased the assets of from Armed Forces Bank. The sale price was not disclosed.
Stephen Calk told National Mortgage News that Chicago Bancorp will remain entirely separate from Generations. "They will not be related in any way shape or form," he stressed.
Calk also is chairman of National Bancorp Holdings, which acquired Generations' assets. John Calk, Chicago Bancorp's president and chief operating officer, will serve as Generations' new vice chairman.
Among other services, the acquired bank will provide FHA/VA, jumbo, first-time homebuyer and commercial loans to customers.
Stephen Calk estimates that the thrift will close at least $100 million of new residential product this year, including owner occupied, investor, and vacation home loans.
Calk predicts the industry will see more M&A activity this year as smaller lenders feel they cannot "make it under the new rigorous regulatory environment."
