CMG Buys RBC's West Coast Network

CMG Bancorp, San Ramon, Calif., has purchased the West Coast net branch network of RBC Mortgage, Chicago.The terms of the deal were not disclosed. The June issue of Origination News, a MortgageWire affiliate, reported that CMG was to be the buyer, but the deal was not announced until July 2 in a statement from CMG. The branches were part of Pacific Guarantee Mortgage, a net branching firm acquired by Prism Mortgage, which in turn was acquired by Royal Bank of Canada. "Over the last several years, CMG has been invited to participate as an acquirer of various net branch organizations," said CMG chairman and chief executive Christopher M. George, "but either the timing or the target's fit with CMG's unique model wasn't perfect. That changed with PGM." The West Coast branches originated $6.2 billion last year. In a separate deal reported in the July ON, Pinnacle Financial Corp. purchased the Government Services Division of PGM, which is also known as the East Coast network.