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At its annual shareholders meeting on April 1, Merchants & Marine Bank announced the launch of Canvas Mortgage, a new residential mortgage banking division. Canvas Mortgage will operate as a standalone division of the bank and serve the bank’s trade area of Mississippi and the Alabama Gulf Coast as well surrounding communities, according to a press release.
The new mortgage division will be led by Jonathan Shows (Photoed Right) and Sharon Rice (Photoed Left). Shows will serve as president, mortgage production, and Rice will serve as the company's president, mortgage operations. Shows and Rice will be supported by a team of mortgage loan originators, underwriters and compliance officers.
“Mortgage lending is an increasingly critical and relationship-oriented part of community banking,” said bank president and CEO Clayton Legear. “By committing resources to create Canvas Mortgage, the Bank will have the opportunity to deepen existing customer relationships, attract new customers to our company, and help support the continued growth of the communities we call home.”
“We created Canvas Mortgage to be unique, with a focus on individualized service and providing the community with creative solutions to meet a broad range of home buying needs,” said Shows. “With over 100 years of experience in mortgage lending, our team knows how to help customers find the right solution for their home buying or refinancing needs.”
Canvas Mortgage will offer a range of mortgage products including conventional, FHA, VA and USDA loans. In addition, the bank will continue to offer in-house product options for unique situations where a secondary-market alternative may not best meet a customer’s needs.