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Merchants Bancorp Completes Sale of Bank and Merger with Sortis

Merchants Bancorp and its wholly owned subsidiary MBank has completed the sale of its’ banking assets to Riverview Community Bank. Riverview has acquired approximately $116 million in assets from Merchants Bancorp. The three MBank branch offices, in Gresham, Portland and Lake Grove, will become Riverview branches when the transaction closes. Subsequent to the transaction closing, Merchants has agreed to merge with Sortis, a Portland based private lender and advisory firm. The newly combined firm will … Continued

Sortis Holdings acquires ClearSpring Loan Services

Sortis Holdings Inc. (SOHI) has acquired ClearSpring Loan Services, a special servicer headquartered in Dallas, Texas. ClearSpring has more than $2 billion in assets under management and is a currently vendor for top-tier banks, hedge funds, private investors and government-sponsored enterprises. The company is licensed in all 50 states as a mortgage servicer and debt collector and holds mortgage origination licenses in 35 states. Sortis Holdings will integrate its existing servicing business and its recently … Continued

Sortis completes strategic partnership with Mobile Capital Group

Sortis Holdings Inc (SOHI), a holding company that invests in financial technology, has completed a strategic partnership with Mobile Capital Group, a mobile virtual card app that powers specialty finance companies with the instantaneous delivery of cash to the customer. Few financial partners are in a regulatory position to support compliant financing activity on a national scale. Sortis’ ready-made regulatory and operational lending origination platform in connection with its servicing operations, has the ability to … Continued

Sortis invests in small business banking service Seed

Sortis Holdings Inc (SOHI), a holding company that invests in financial technology, has made an equity investment in Seed, the world’s first mobile business bank dedicated to opening accounts online as well servicing the financial needs of small business. Seed was founded by Brian Merritt and Ryan Hildebrand, former executives at consumer banking startup Simple. Seed recently completed a nationwide launch of its mobile banking service and has begun to take on customers from a … Continued