HOUSTON -- Charter Bancshares said it is purchasing the residential construction lending division of Farm and Home Financial Corp., following the acquisition Thursday of Farm and Home by Roosevelt Financial Group.
Charter is acquiring the existing construction portfolio and selected fixed assets, in addition to the 20-person loan operation based in Houston.
The lending division, which is being renamed Charter Builders Group, provides short-term construction loans to Texas-based builders of single-family residential homes. It has $75 million of interim construction loans and total credit lines of approximately $210 million.
Charter Bancshares has three banks and $660 million of assets.
