Redstone Federal Credit Union buys real estate agency

Register now

A unit of Redstone Federal Credit Union in Huntsville, Ala., has acquired Ben Porter Realty, a real estate agency, to help expand its mortgage operations.

The $5.7 billion-asset credit union has rebranded the agency as Redstone Family Realty, according to a press release. It also has mortgage services, title services and insurance subsidiaries.

Joe Newberry, president and CEO of Redstone Federal Credit Union

“Selling or buying a home is one of the most important financial decisions that we make in our lifetimes,” Joe Newberry, Redstone’s president and CEO, said in the press release. “We are already helping members with mortgages and with their title services, this new business unit makes sure they have the best experience possible from start to finish.”

The new unit has offices in three cities in the Huntsville area.

Redstone had more than 11,800 first mortgage real estate loans for a total of $760.5 million on its books as of the first quarter, according to data from the National Credit Union Administration.

Overall, the institution lost roughly $3.5 million in the first quarter, after earning about $10.6 million for the same period a year earlier, according to data from NCUA. It’s net interest income fell about 39%, to $18.5 million, as its provision for loan losses spiked by 76%.

For reprint and licensing requests for this article, click here.
Mortgages Mortgage applications Real estate Housing market Alabama