Mortgage Lenders Merge to Stay Competitive

Guaranty Bank and Citywide Bank of Colorado have joined together, effective July 3rd, in an effort to remain competitive in the current mortgage market. Citywide is one of the few banks in Colorado and the only bank in the Denver area to use private funding for mortgages. The two lenders will now offer loans lasting from five to 40 years, in an array of programs to assist any borrower.

The mortgage division of Guarantee Bank had decided to merge amicably from their mother company, completing a few deals with the bank in the interim. As Guarantee has expanded, the goals and objectives have changed between the two divisions of the bank. Guarantee hopes that merging with Citywide will be a move that reflects the growing potential of each company. Citywide was considered a stellar move, since it is one of the few lenders with the ability to loan to residential and commercial clients alike. The lender is funded by private investments, and also provides a private equity service, which will generate third-party business as the transition continues.