Poole is actually composed to two separate entities, Poole & Co. and a wholly owned subsidiary, Poole Financial Services. The latter oversees a loan portfolio of more than $1 billion, and Poole & Co.'s annual transactional activity is in the $300 million range. The terms of the acquisition were not released.
NorthMarq has an existing regional office here as a result of its deal with Legg Mason last year, and Poole's offices are also situated here. The two locations are about four miles apart, but company officials have not released information on whether and where the offices might be physically combined.
"We have long admired the Poole organization for the experience and professionalism of its ownership and staff," says NorthMarq CEO Edward Padilla. "We share the same philosophies of the importance of building solid, long-lasting relationships and always maintaining a strong concentration of client service. The company and its people perfectly complement NorthMarq."
"This adds an additional seven correspondent lenders to our stable of six correspondent lenders, and will bring the Northern New Jersey serviced portfolio up to $1.5 billion," according to Martin Klebanoff, SVP and managing director of NorthMarq's existing office here. "This platform will make NorthMarq a dominant mortgage banker in New Jersey. We now have an additional depth of correspondent financial sources and a production team to serve all of our clients' needs."
Prior to striking the deal, Poole was the majority owner of Poole & Co., and Janet Proscia, the firm's COO, was a minority owner. Under the terms of the acquisition agreement, Poole and Klebanoff will be co-managing directors of NorthMarq's New Jersey operations.
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