Wright-Patt acquires Select Mortgage Group

FAIRBORN, Ohio (11/2/09)--Wright-Patt CU and its wholly owned subsidiary have acquired Select Mortgage Group (SMG) to bolster mortgage services to credit unions and their members.

SMG President Rodger Merkel and Vice President of Sales David Mills will continue to lead the company, which has 12 employees, under the current business name.

The acquisition will boost Wright-Patt's myCUmortgage processing and underwriting services, the credit union said.

"As our mortgage business has grown, we were looking for a way to expand," said Tim Mislansky, Wright-Patt senior vice president and president of myCUmortgage.

"SMG's infrastructure and credit union client base offer us the opportunity to expand. Over time we expect to create synergies to lower the cost of home financing to credit union members, enhance how we help credit unions serve their memberships' mortgage needs, and help credit unions keep more of the revenue generated by mortgage lending," Mislansky said.

Wright-Patt CU, Fairborn, Ohio, has $1.6 billion in assets.

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