VERNON, N.J.--(BUSINESS WIRE)--
Highlands Bancorp, Inc. (OTCBB:HSBK.OB) announced that its wholly owned subsidiary, Highlands State Bank, has entered into a definitive agreement to acquire the mortgage banking company Secured Lending Solutions, Inc. (“SLS”) of Glen Rock, NJ. SLS will be operated as a wholly owned subsidiary of the bank upon completion of standard regulatory approvals and normal acquisition conditions.
“Highlands’ strategic plan has been to offer excellent residential mortgage products to our customer base, and bringing SLS into our company enables us to provide the customers in our market area with competitive mortgage products delivered with the kind of service both we and our customers expect. SLS brings both the products and the seasoned mortgage staff that will enable the bank to continue our growth and improve our interest and fee income,” said George E. Irwin, CEO of Highlands State Bank.
SLS is a New Jersey mortgage banking company that was co-founded by Michele Luff, CMB, its current President and CEO. The company has developed a strong presence in Northern New Jersey and Southern New York State, and specializes in conventional 1-4 family mortgage lending that includes FHA, VA and USDA Rural development loans. SLS also offers reverse mortgage products. According to Michele Luff, “Our affiliation with Highlands will allow us to greatly expand our capabilities, and we are excited to be a part of the Bank’s growth.” Luff will continue as the company’s President after the acquisition is completed.
Highlands State Bank is a $200 Million community bank headquartered in Vernon, NJ., with additional full service offices located in Sparta and Totowa, NJ.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company’s control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.
- wholly owned subsidiary
George E. Irwin, 973-764-3200