SCOTTSDALE, Ariz. -- First Western Corp. said it has completed its acquisition of Greenwich Capital Financial Inc., a mortgage company, for $152.3 million.

Robert W. Stallings, chairman and chief executive of First Western, said the company paid $22.3 million more than anticipated because of increases in Greenwich's mortgage loans and servicing portfolio.

Greenwich has a $2.2 billion mortgage servicing portfolio, which is slightly larger than that of First Western's Wesav Mortgage Corp. before the acquisition. It also originates $1 billion of loans a year through wholesale distribution networks in Dallas and Chicago.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.