Federal Savings Bank in Chicago has acquired the assets of ICC Mortgage Services in Westbury, N.Y.
ICC provided residential mortgages with a focus on groups such as unions, fraternal organizations and associations of teachers, law enforcement and members of the military. The company's programs included homebuyer education, down payment assistance and construction and bridge loans.
The deal should help the $285 million-asset Federal Savings reach these customers, the bank said in a press release on Tuesday.
Dean Sourial, ICC's former president, and Jason Rappaport, the firm's former secretary and treasurer, have joined Federal Savings as senior regional vice presidents. Sourial will remain in New York to lead the bank's newly formed lending platform dedicated to these associations. Federal Savings also added ICC's employees.
The acquisition closed on Wednesday. Financial terms were not disclosed.
Federal Savings, which primarily focuses on providing mortgages, bought Baytree National Bank & Trust in Lake Forest, Ill., last year.