Farmers Bank & Trust in Great Bend, Kan., has agreed to sell certain assets of its mortgage division to Prospect Mortgage in Sherman Oaks, Calif.
The $752 million-asset bank will sell assets associated with CapWest Mortgage, a call center operation in Stilwell, Kan., that focuses on direct-to-consumer business, according to a news release. The companies did not say which assets Farmers Bank plans to sell. Financial terms of the transaction were not disclosed.
Prospect said that it will add CapWest to its existing direct-mortgage business. Monte Robbins, CapWest's president, will join Prospect as the divisional president responsible for the call center.