Coats & Co.: Difference between revisions
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'''Coats & Co.''' was a residential mortgage banker based in [[Birmingham]] with offices across Alabama. The Birmingham office | '''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. | 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 | 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== | ==References== | ||
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[[Category:Banks]] | [[Category:Banks]] | ||
[[Category:Mortgage brokers]] | [[Category:Mortgage brokers]] | ||
[[Category:SouthBridge Parkway | [[Category:SouthBridge Parkway]] | ||
[[Category:1989 establishments]] | |||
[[Category:2006 disestablishments]] | |||
Revision as of 17:26, 18 January 2010
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." Birmingham News.
- Hubbard, Russell (December 8, 2006) "Coats & Co. mortgage banker sold." Birmingham News.
External links
- Coats & Co. website