Coats & Co.

Coats & Co. was a residential mortgage banker based in Birmingham with offices across Alabama. The Birmingham office was located at 2000 Southbridge Parkway. Other offices were in Decatur, Huntsville, Fairhope, Gulf Shores, Mobile, and Greenwood, Mississippi.

Coats & Co. was founded by Rob Coats in 1989 and grew from $8 million in loans its first year to close $400 million in loans in 2003. As a mortgage banker, the firm lends its own funds to customers rather than selling mortgages to third parties.

By October 2006 volatility in the lending market caused the company to terminate its CFO and look for a buyer or merger partner. In December a sale to Houston, Texas-based Home Mortgage Co. was completed. The company continued to operate in Alabama and Rob Coats stayed on through January 2007.

References

• Hubbard, Russell & Sherri C. Goodman (October 18, 2006) "Coats & Co. seeks sale or merger." The Birmingham News
• Hubbard, Russell (December 8, 2006) "Coats & Co. mortgage banker sold." The Birmingham News