Christopher George, the founder of California-based multichannel mortgage lender CMG Financial, has struck a deal to acquire Greenwoods Financial Group, the owner of Greenwoods State Bank. Financials of the deal were not disclosed.

George will become an indirect wholly owner of a $575 million FDIC-state chartered bank based in Lake Mills, Wisconsin, that offers products for customers, businesses, and wealth management. Founded in 1893, Greenwoods has been challenged by the restrictive monetary policy imposed by the Federal Reserve (Fed) over the past few years.

Meanwhile, CMG Financial, founded in 1993 by George, a former Mortgage Bankers Association (MBA) details ⇒

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