Minneapolis-based Luminate Bank is expanding in the Midwest by acquiring select assets of First State Mortgage Services, Bloomington, Ill. .Financial terms of the deal have not been disclosed. Luminate Bank has originated $2.2 billion in mortgages year-to-date. First State Mortgage Services has originated $132 million in loans year-to-date. As of July 30, Luminate Bank had $554 million in assets, $412 million in deposits and $237 million in net loans and leases. “This is an important step forward for Luminate Bank and a powerful combination of two organizations that share the same fundamental values,” said Eric Lovins, co-founder and president of mortgage lending at Luminate Bank.
