First Federal Bank to Acquire Fidelity’s NOLA Lending Group

Overview

• The banks announced a definitive agreement for First Federal to buy Fidelity’s NOLA Lending Group mortgage division.
• First Federal will serve customers from NOLA’s existing sites across key Louisiana markets as well as Pensacola, Florida, and McComb and Ridgeland, Mississippi.
• Most NOLA Lending employees are expected to be retained, with the NOLA brand continuing under First Federal.
• The mortgage platform is slated to transition within 60 days of closing, with both sides citing similar technology to smooth the process.
• Financial terms were not disclosed, and mortgage data show First Federal originated roughly $1.7 billion over the past 12 months.