Florida-based thrift First Federal Bank is expanding its retail mortgage operations into Louisiana and Mississippi with the acquisition of NOLA Lending Group, the mortgage division of New Orleans-based Fidelity Bank.
First Federal Bank — which expanded its presence in Florida and Georgia in 2024 by acquiring the mortgage division of Jacksonville, Florida-based real estate brokerage Watson Realty Corp. — will maintain NOLA Lending Group’s brand identity and anticipates retaining most of the company’s employees. Terms of the deal were not disclosed.
NOLA Lending Group employs 84 mortgage loan originators working out of 25 branch locations, according to records maintained by the Nationwide Multistate Licensing System (NMLS), and originated $464 million in mortgages in 2024, according to an iEmergent analysis.
“We are pleased to have reached an agreement with a partner that will continue to allow our talented and dedicated team to focus on delivering exceptional mortgage banking solutions to customers in our core markets,” Fidelity Bank CEO and President Chris Ferris said in a statement.
Lake City, Florida-based First Federal Bank employs 146 mortgage loan originators working out of 27 branch offices in the Southeast, according to NMLS records. In its most recent annual report to investors, First Federal Bank reported that it originated $1.9 billion in mortgages in 2024 and funded an additional $1.8 billion in home loans through warehouse lines of credit provided to correspondent lending partners.
“The NOLA Lending team uses largely the same technology as First Federal, which will make the transition simple for employees and customers,” Doug Brendel, president of residential lending at First Federal Bank, said in a statement.
First Federal Bank partners with cloud-based banking platform Blend Labs Inc. to accept mortgage applications through its website.
The bank acquired its wholesale lending division, QRL Financial Services, in 2011. In addition to funding loans originated by mortgage brokers, QRL Financial Services provides subservicing and appraisal compliance.
As a Federal Savings Association, or “thrift,” First Federal must hold at least 65 percent of its portfolio assets in “qualified thrift investments” including mortgages, home equity loans, educational loans, small business loans and loans made through credit cards or credit card accounts.
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