First Federal Bank to acquire Watson Mortgage Corp. to enhance customer service and expand operations

First Federal Bank has announced its acquisition of Watson Mortgage Corp., a move that is poised to significantly enhance its mortgage service capabilities and customer reach. The deal, whose financial details were not disclosed, will see First Federal Bank integrate Watson Mortgage’s operations and customer base into its extensive network.

This strategic acquisition merges two entities renowned for their commitment to customer service and community-focused banking. First Federal Bank, a community-based mutual institution headquartered in Lake City, Florida, operates 25 branches across the Southeast and has additional operations in the Midwest. With assets exceeding $3.9 billion, First Federal prides itself on its customer-owned structure which prioritizes customer needs over stockholder demands.

Under the terms of the acquisition, First Federal Bank will incorporate Watson’s mortgage business assets and continue serving Watson’s customers across the Watson Realty footprint. This transition is aimed at maintaining the high level of service Watson’s customers have come to expect and is backed by First Federal’s robust financial stability and community banking benefits.

John Medina, President and CEO of First Federal Bank, emphasized the strategic nature of this acquisition: “Our mission is to provide solutions from a financially stable institution that is a great place to work and bank. This acquisition underscores our commitment to our customers and the residential mortgage sector. We look forward to serving the Watson Mortgage customers with the same excellence they came to expect from the team.”

Bill Watson, Chairman of the Board of Watson Realty Corp., commented on the acquisition, highlighting its alignment with strategic goals: “We are pleased to have come to an agreement that permits our talented and dedicated team to continue providing mortgage solutions to our customers and serve our teams with valuable mortgage expertise. Watson’s strategic plan for 2024 includes a strong focus on helping customers secure homes, in a challenging rate environment.”

First Federal Bank to acquire Watson Mortgage Corp to expand mortgage services and enhance customer experiences. Photo courtesy of PRNewswire/First Federal Bank.

The acquisition facilitates a seamless integration of Watson’s mortgage team into First Federal’s operations, promising enhanced service offerings and technological tools. This merger not only expands First Federal’s product offerings but also its market presence in the communities it serves.

Paul Ottendorf, President of the Residential Lending Division at First Federal, shared his enthusiasm about the acquisition’s potential to bolster the bank’s services: “We look forward to welcoming the new employees and the Watson relationship to our Residential Lending Team. Watson Mortgage will enhance our retail lending capabilities and market share in the communities we serve.”

This acquisition reflects a well-timed strategic expansion by First Federal Bank, leveraging Watson Mortgage Corp.’s expertise and customer base to strengthen its own offerings. As the financial industry continues to evolve, particularly with increasing digitalization, First Federal’s commitment to integrating cutting-edge technology with personalized service could set a new standard for regional banking success.