Bank of Commerce Mortgage, a provider of mortgage services in the Western United States, announced it will change the company name to Commerce Mortgage effective immediately. This is consistent with the terms of the re-acquisition of 51 percent of the equity back from Bank of Commerce Holdings.
Scott Simonich, CEO of Commerce Mortgage said, "2012 was a milestone year for the company. Positive changes, internal growth and external expansion redefined the positioning of our organization. It is a perfect time to change our name to better reflect our core competencies within the market. We feel the new name will more effectively connect our primary business purpose with consumers - as well as within the real estate community."
Key highlights for Commerce Mortgage during 2012:
►The company was announced as a Top Bay Area Work Place in the June 17th editions of the Bay Area News Group publications.
►In the fall of 2012, the company re-acquired 51 percent of its capital stock from Bank of Commerce Holdings. Bank of Commerce Holdings sold back the 51 percent ownership position to the partners of Simonich Corporation d/b/a Commerce Mortgage—Scott Simonich and Mario De Tomasi. This agreement provided for a continued business relationship between the two companies on the funding side.
►Commerce Mortgage became an approved direct seller to Fannie Mae and Freddie Mac.
►The organization hired 116 new employees during 2012. Of the 116 new hires, 55 employees were hired in the Greater Bay Area.
►Four new offices were opened during 2012 in Santa Rosa, Calif.; Newport Beach, Calif.; San Diego, Calif. and Fort Collins, Colo.
"In an environment of complex government regulation, our continued investment in technologies has enabled us to streamline our processes to be efficient while ensuring regulatory compliance," said Mario De Tomasi, CFO. "This allows us to help make the dream and experience of home ownership a satisfying one for all our customers. We believe this direction will further position Commerce Mortgage as a leader in the mortgage services industry."
Media Contact: Scott Harris