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The Federal Savings Bank Acquires ICC Mortgage Services' Assets and Employees
Apr 27, 2016
The Federal Savings Bank has announced that it has acquired the assets and employees of ICC Mortgage Services

The Federal Savings Bank has announced that it has acquired the assets and employees of ICC Mortgage Services, a 22-year-old mortgage banking company from Long Island that has funded billions in residential home loans. The deal will significantly increase The Federal Savings Bank’s work with and offerings to unions, fraternal organizations, and associations of teachers, law enforcement, members of our military, etc. ICC long has supported these groups of individuals through homebuyer education, relocation, first-time homebuyer programs, down payment assistance programs, construction and bridge loans, and home loans. Now this work will expand through The Federal Savings Bank’s national lending platform.

ICC’s customers have included employees of the Department of Homeland Security U.S. Customs and Border Protection, Columbia University in New York City, the New York City Police Department, its many unions as well as its fraternal organizations, the San Diego Police Department, the Los Angeles Police Department, the United Federation of Teachers, and New York State United Teachers. With this acquisition, all of these groups will have access to more lending solutions, nationwide lending, and cutting edge technology through The Federal Savings Bank.

“The decades of ICC’s experience supporting these special union, association and fraternal organizations will be enhanced by The Federal Savings Bank’s national lending platform and our wide array of unique products and services that most national mortgage banks and brokers can't or won't offer,” said Steve Calk, chairman and CEO of The Federal Savings Bank.

Jason Rappaport, former ICC secretary/treasurer with almost 30 years of mortgage finance experience, and Dean Sourial former president of ICC, have joined The Federal Savings Bank as senior regional vice presidents. Dean Sourial will remain in New York to lead the Bank’s newly formed lending platform dedicated to associations, fraternal organizations, unions, etc. Jason Rappaport has relocated to The Federal Savings Bank’s Scottsdale office to focus on existing relationships with the LAPD, SDPD and Homeland Security (CBP), as well as developing new relationships with these groups in the southwestern U.S.

All other ICC employees have joined The Federal Savings Bank’s Melville, NY office. The Federal Savings Bank is committed to adding 100 jobs to the New York and Scottsdale offices by the end of 2017.

“As part of The Federal Savings Bank, I look forward to continuing our dedication to serving our nation’s law enforcement, teachers, healthcare professionals, and military,” said Jason Rappaport, senior regional vice president at The Federal Savings Bank. “Customers now can benefit from the Bank’s national lending platform that includes a wide array of products and services to help them achieve the American Dream of homeownership.”

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