Raleigh-based North State Bank’s mortgage lending division is expanding by adding Envision Mortgage Corp. of Wilmington.
The merger, which was announced Monday, will boost North State Bank Mortgage’s staff in Wilmington from 3 today to 10 when the deal is completed.
North State Bank Mortgage has been underwriting loans for Envision Mortgage, a mortgage brokerage firm founded in 2010 by Bob Weber and Melanie Welsh, for the past several years.
“We know exactly what we’re getting,” said Ken Sykes, president of North State’s mortgage division. “Love what we’re getting.”
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Sykes said that the deal will boost North State Bank Mortgage’s presence in “a very good but a very tough, competitive market. We think there is a tremendous opportunity for us to grow if we position ourselves in the right way.”
After the deal is completed, North State Bank Mortgage will boast a staff of 60 mortgage professionals with offices in Apex, Chapel Hill, Fayetteville, Garner, Hickory, Raleigh, Wake Forest and Wilmington.
North State Bank is a community bank that was founded in 2000 and today has seven branches in Wake and New Hanover counties. Its mortgage division dates back to 2010, when the bank acquired Affiliated Mortgage of Raleigh.