Smith financial founder and CEO Stephen Smith says the combination is characterized by a strong cultural fit and complementary strengths.
Fairstone Bank offers credit cards and rewards programs, point-of-sale financing, automobile financing and personal loans, while Home Trust is focused on residential and non-residential mortgages, credit cards and guaranteed investment certificates.Under the deal, Smith Financial will own a majority stake in the new company, while Fairstone Bank's other shareholders, Centerbridge Partners LP, Ontario Teachers' Pension Plan Board and management, will continue as minority owners.
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