OAK BROOK TERRACE, Ill. - Superior Bank has expanded its retail mortgage originations capability by combining operations with State-Wide Capital, a retailer based in Uniondale, N.Y.
State-Wide will become a division of Superior and will continue to work with its network of mortgage brokers through a division, Brokers Realty Funding. State-Wide's primary markets are in the Northeast and the Middle Atlantic states.
Superior Bank also owns Alliance Funding, primarily a mortgage wholesaling operation. Alliance originates and services loans in 20 states.
Robert J. Blackwell, executive vice president of Alliance, said his unit had worked with State-Wide for years. He added that the deal would allow Alliance to concentrate entirely on the wholesale side of the business.