Fidelity Homestead Acquires NOLA Lending Group
BATON ROUGE, La. (AP) — Fidelity Homestead Savings Bank in New Orleans has acquired NOLA Lending Group LLC, of Mandeville, for an undisclosed sum.
Alton McRee, Fidelity Homestead's president and chief executive officer, tells The Advocate the deal combines two major players in the home loan business.
McRee say there will be no layoffs or office closures, and NOLA's Mandeville headquarters will remain open.
Fidelity has $826 million in assets, with 18 branches throughout southeastern Louisiana. NOLA Lending Group has 24 offices across Louisiana, Mississippi, Tennessee, Florida and Alabama. Together, Fidelity and NOLA Lending will have 400 employees, with 80 to 85 of those residential mortgage lenders. Nola employed all but around 10 of those loan officers.