Another out-of-town bank has made 2014 the year for expansion into Richmond.
Waterstone Mortgage, the mortgage arm of Wisconsin-based WaterStone Bank, has opened two area locations in the bank’s first foray into the Richmond market and its first operations in Virginia.
The company has set up two 2,400-square-foot local offices: one in Glen Allen at 11537 Nuckols Road and the other in Midlothian at 553-B Southlake Blvd.
Local mortgage industry veteran Ed Lamb is leading Waterstone’s charge. He and a team of five recently left Prosperity Mortgage, which had been owned as a joint venture by Wells Fargo and Long & Foster, Lamb said. Prosperity Mortgage is now owned solely by Long & Foster.
As they work to get their offices set up this week, Lamb said the biggest challenge is getting the word out about Waterstone’s arrival.
“They’re not new to the game,” he said of the 13-year-old company. “We’re just offering everybody something new. We’ll get the sign on the front door and let people know Waterstone is here.”
Ed Lamb
Lamb said he’s worked a deal to be the in-house lender for Refine Properties, a local real estate brokerage. He’ll look to create a similar relationship with other brokers.
The move to Richmond is part of Waterstone’s growth plan to expand across the United States. The company has 700 employees in 19 states.
Waterstone has plans for further expansion in Virginia: Lamb said it has its sights on the Interstate 64/95 corridor north from Richmond and down through Hampton Roads.
WaterStone Bank is a $1.8 billion institution based in Pewaukee, Wis. It’s the second out-of-town bank to set up shop in Richmond in 2014.
North Carolina-based Park Sterling Bank on Monday opened its first local office in Innsbrook and has plans for further growth.
Others, including First Tennessee Bank, Middleburg Bank and First Community Bank have looked to increase their presence here in recent years.
They’ll all be battling for a share of local mortgage volume at a time when rising interest rates are causing a decline in refinancing revenue that had fueled many companies following the recession.
“With interest rates rising, refis are slowing up a bit,” Lamb said. “But there’s always need for purchases as well as new construction.”
Lamb will also look to lure away more mortgage professionals from local competitors.
He said he’ll be searching for about 20 loan officers between the two branches, in addition to processors, underwriters and others.
Recent layoffs in the mortgage ranks of larger banks should help in his recruiting efforts, he said.
Capital One, Bank of America, SunTrust and other large lenders cut positions in their Richmond operations in 2013, many due to the decline in refinance volume.
“Sometimes [people need] a change of scenery,” he said. “I want to be that change of scenery.”
Another out-of-town bank has made 2014 the year for expansion into Richmond.
Waterstone Mortgage, the mortgage arm of Wisconsin-based WaterStone Bank, has opened two area locations in the bank’s first foray into the Richmond market and its first operations in Virginia.
The company has set up two 2,400-square-foot local offices: one in Glen Allen at 11537 Nuckols Road and the other in Midlothian at 553-B Southlake Blvd.
Local mortgage industry veteran Ed Lamb is leading Waterstone’s charge. He and a team of five recently left Prosperity Mortgage, which had been owned as a joint venture by Wells Fargo and Long & Foster, Lamb said. Prosperity Mortgage is now owned solely by Long & Foster.
As they work to get their offices set up this week, Lamb said the biggest challenge is getting the word out about Waterstone’s arrival.
“They’re not new to the game,” he said of the 13-year-old company. “We’re just offering everybody something new. We’ll get the sign on the front door and let people know Waterstone is here.”
Ed Lamb
Lamb said he’s worked a deal to be the in-house lender for Refine Properties, a local real estate brokerage. He’ll look to create a similar relationship with other brokers.
The move to Richmond is part of Waterstone’s growth plan to expand across the United States. The company has 700 employees in 19 states.
Waterstone has plans for further expansion in Virginia: Lamb said it has its sights on the Interstate 64/95 corridor north from Richmond and down through Hampton Roads.
WaterStone Bank is a $1.8 billion institution based in Pewaukee, Wis. It’s the second out-of-town bank to set up shop in Richmond in 2014.
North Carolina-based Park Sterling Bank on Monday opened its first local office in Innsbrook and has plans for further growth.
Others, including First Tennessee Bank, Middleburg Bank and First Community Bank have looked to increase their presence here in recent years.
They’ll all be battling for a share of local mortgage volume at a time when rising interest rates are causing a decline in refinancing revenue that had fueled many companies following the recession.
“With interest rates rising, refis are slowing up a bit,” Lamb said. “But there’s always need for purchases as well as new construction.”
Lamb will also look to lure away more mortgage professionals from local competitors.
He said he’ll be searching for about 20 loan officers between the two branches, in addition to processors, underwriters and others.
Recent layoffs in the mortgage ranks of larger banks should help in his recruiting efforts, he said.
Capital One, Bank of America, SunTrust and other large lenders cut positions in their Richmond operations in 2013, many due to the decline in refinance volume.
“Sometimes [people need] a change of scenery,” he said. “I want to be that change of scenery.”