An Illinois bank plans to hire 30 new loan officers and expand mortgage lending into several states, including Massachusetts, Connecticut and Rhode Island.
CIBM Bank said Tuesday that the bank expects to more than double its mortgage originations with the new hires. In addition to the 30 new loan officers, the bank also plans to add mortgage operations staff.
The Champaign, Illinois-based bank has 10 branches in Illinois, Wisconsin and Indiana, and some of the new team members will be located within CIBM’s existing footprint, the bank said. CIBM Bank said it would also use the additional staff to expand operations into new markets. Along with Massachusetts, Connecticut and Rhode Island, the expansion plans include Arizona, Florida and New York.
Leading the new team is Frank Binetti, who was recently hired as CIBM Bank’s executive vice president and director of mortgage operations. Binetti is based in the bank’s Chicago market and has worked in the mortgage lending industry for 35 years and has experience in recruiting, team training and development, and sales management, the bank said.
“We are delighted to add Frank and his team to our existing mortgage business,” J. Brian Chaffin, CIBM Bank’s president and CEO, said in a statement. “By combining the best practices from each group, effectively utilizing operating staff capacity, and maximizing efficiencies available through our newly implemented loan origination system, we expect to significantly enhance our mortgage business results going forward.”
Gary Maughan, executive vice president and mortgage banking director, said Binetti would oversee mortgage loan officer recruiting and sales management for the bank’s mortgage division.
“Frank is a proven mortgage professional and we anticipate that the addition of his leadership and team of experienced lenders will grow our already strong Mortgage Business and create additional opportunities for the bank, our customers, and the communities that we serve,” Maughan said in a statement
A subsidiary of stock company CIB Marine Bancshares, CIBM Bank has about $754 million in assets.
