Western Alliance Bank shells out $1 billion to acquire mortgage company

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Posted at 1:54 PM, Feb 18, 2021
and last updated 2021-02-18 15:54:16-05

PHOENIX — Phoenix-based Western Alliance Bank has signed a definitive agreement to acquire AmeriHome Mortgage Company LLC for $1 billion in cash.

Western Alliance Bancorporation (NYSE: WAL) specifically agreed to acquire Aris Mortgage Holding Company, LLC, the parent company of Thousand Oaks, California-based AmeriHome, according to an announcement.

AmeriHome is the third largest correspondent mortgage acquirer in the country, meaning it works with its network of 700 mortgage originating clients such as mortgage bankers, community and regional banks and credit unions. The company, which also services mortgages, purchased approximately $65 billion worth of mortgages in 2020.

Read the full article at Phoenix Business Journal.