October 21, 2016 (El Paso, TX) – WestStar Bank announced today it has acquired assets from Cimarron Mortgage Capital, a local residential construction and mortgage origination company and subsidiary of Hunt Companies, Inc.
The transaction closed today, October 21, 2016, and included the purchase of assets from Cimarron Mortgage Capital’s El Paso-area construction lending and residential mortgage divisions. Seven employees will join the WestStar team, with the majority becoming a part of WestStar Home Loans, a division of WestStar Bank.
“WestStar Bank and Hunt Companies [Inc.] have long been leading corporate citizens with strong brands and shared values,” said L. Frederick “Rick” Francis, Chairman and CEO of WestStar Bank. “Acquiring these assets is a natural fit for our growth strategy and in expanding our customer base in the Borderplex region."
“Hunt Companies formed Cimarron Mortgage at a time when access to credit for El Paso homebuilders was challenging. In the years since that formation, Cimarron Mortgage has worked with local builder partners to make Hunt’s Cimarron and Mission Ridge master-planned communities among the most attractive neighborhoods in El Paso. Cimarron Mortgage today is a market-leading lender in El Paso. As part of WestStar, that growth will be expanded and accelerated,” said Gary Sapp, President of Development, Southwest Division at Hunt.
Founded in 1947, Hunt Companies, Inc. (Hunt) is today a holding company that invests in business focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory services. The platforms employ over 6,000 people and touch over $30 billion in assets.
About WestStar Bank
WestStar Bank is a locally owned community bank with assets of more than $1.4 billion. Servicing the El Paso, Las Cruces, and northern Mexico area (collectively known as the Borderplex region), it provides businesses and retail consumers local access to a broad array of banking, wealth management, insurance, mortgage, and title services. Additionally, WestStar Bank team members serve on over 100 boards and committees of nonprofit and civic organizations and participate in a wide range of community betterment efforts and philanthropic causes. For more information, visit the WestStar Bank website at weststarbank.com.
Ruth Gifford, Marketing Manager