The $1.7 billion Credit Union ONE in Ferndale, Mich., acquired Icon Mortgage last week.
The acquisition’s financial terms were not disclosed.
Established in 2004 by Woody Halt and Jeremy Hall, the Flint, Mich.-based Icon Mortgage is licensed to do business in Michigan, Florida and Texas and employs approximately 40 loan officers. In 2024, the company originated $81.5 million in loans. So far this year, Icon Mortgage has produced $57.8 million in loans, according to Modex, a mortgage and real estate industry data company.
“Our strategic vision has been alignment of mortgage lending with our size and geographic reach,” Credit Union ONE President/COO Tina Tracy said. “This acquisition positions us really well to expand market share and accelerate new membership growth. Together, we will deliver best-in-class mortgage solutions while continuing to prioritize the community-focused values that Credit Union ONE has stood for over 85 years.”
The credit union operates 17 locations and serves more than 108,000 members.
In addition to Michigan, Credit Union ONE’s market area includes six counties in northern Ohio and currently manages 56,559 loans amounting to $1,189,514,943, which includes 8,403 residential property loans totaling more than $632 million, according the credit union’s second quarter NCUA Call Report.
Credit Union ONE said it will retain all employees, including the senior leadership of Icon Mortgage, and intends to operate the company as a separate mortgage lending affiliate.
“This acquisition takes our mortgage lending operations to a new level,” Credit Union One President/CEO Gary Moody said. “By bringing in Icon Mortgage, we’ve added an amazingly talented team of proven mortgage professionals and the capacity to deliver a truly exceptional mortgage experience for our members.”
Icon Mortgage’s 20-plus-year history will add significant experience, expertise and lending capacity to the credit union’s mortgage lending team. In addition to conventional mortgage loans, Icon Mortgage also offers FHA, VA, rural development, construction, bridge and land loans.
“We are confident joining forces with Credit Union ONE is the beginning of something incredible,” Icon Mortgage CEO Jeremy Hall said. “The growth opportunities this brings to our team, and our partner realtors, are remarkable. We will be busier than ever and expect to start hiring across the state to meet anticipated demand.”
Peter Strozniak can be reached at pstrozniak@cutimes.com.
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