PARAMOUNT MORTGAGE - LENDER'S BLOG

Paramount Mortgage Acquires Pinnacle Financial Services, Inc.

ST. LOUIS, MO – Paramount Mortgage Company, Inc., announced today the acquisition of Pinnacle Financial Services, Inc., a Chesterfield, MO mortgage banking firm. Pinnacle Financial Services has operated in Missouri for eight years and its primary business involved residential and commercial real estate financing. Pinnacle was licensed to underwrite mortgages in seven states and will broaden Paramount’s sales into additional markets.

Pinnacle Financial was a 35 person firm and employed 19 loan officers and 16 support personnel. All Pinnacle sales and support personnel will make the transition to Paramount Mortgage Company increasing the firm’s staff from 41 to 76 employees. No layoffs are planned at either company. The firm will continue to add additional personnel in the coming months to support increased sales and future expansion of operations.

Paramount will maintain the former Pinnacle Financial Services’ offices at 16052 Swingley Ridge Rd., Suite 200, Chesterfield, MO 63017, main phone: 636-812-4663. Sales activities will continue from that office through October of this year under the Paramount Mortgage name. The office will continue to serve the western St. Louis counties including St. Charles County.

In making the acquisition announcement, Paramount Mortgage President, H. John Frank, Jr., stated, “We started talks earlier this year with Pinnacle’s president Todd Solomon to determine if their company would be a good fit for Paramount. It is important to us, as we continue to expand in this volatile housing market, to add experienced and competent professionals to our growing operation. We anticipate the Pinnacle team will strengthen our company immeasurably.” Former Pinnacle president Todd Solomon will join Paramount Mortgage as a member of executive management.

Paramount’s acquisition of Pinnacle Financial Services comes just three months after opening a new Mortgage Banking office in Bellevue, Washington, a suburb of Seattle.