Make us your home page
Instagram

Tampa's HomeBancorp buys Bill Edwards' Mortgage Investors Corp.

The Shops at St. Pete and Mahaffey Theater are two things filling Bill Edwards’ plate.

The Shops at St. Pete and Mahaffey Theater are two things filling Bill Edwards’ plate.

Local businessman and civic activist Bill Edwards is selling his St. Petersburg mortgage firm to Tampa-based HomeBancorp, a cross-bay deal that unites two companies that have worked together for years.

Edwards' firm, Mortgage Investors Corp., which specializes in Department of Veterans Affairs refinance mortgage loans, will continue to be run as a wholly owned subsidiary of HomeBancorp. It employs 1,200 nationwide, including 900 in the Tampa Bay area.

Terms were not disclosed.

Edwards will retire as Mortgage Investors' chairman, a position he has held since 1994, but will remain a consultant. The remainder of employees with the mortgage firm, including CEO Jeff Crilley and other senior management, are expected to stay.

"My birthday is on Sunday. I'll be 68. I figure it's about time I hand it off," Edwards said in an interview Friday. "My plate is full of other stuff."

That "other stuff" includes his purchase and planned revitalization of downtown St. Petersburg's BayWalk complex, which was renamed Shops at St. Pete, and a contract to manage the city-owned Mahaffey Theater.

"I'm looking forward to getting (Shops at St. Pete) started this year," he said. "I also intend to begin construction by the end of the year on the addition to the Club at Treasure Island. And, of course, there's the (Mahaffey) theater. I'm very proud of how that's coming along. I've got a lot of irons in the fire."

Outside mortgage circles, Edwards has carved a reputation as a music producer with his Big 3 Entertainment, producing records for artists such as American Idol finalist Michael Lynche, Cheap Trick and Carnie Wilson.

In recent years, Edwards emerged as a go-to financial source for civic causes. He sent a $4.6 million donation to the Republican National Convention's host committee to help meet its fundraising goal and he bankrolled a welcoming tower on the Pinellas side of the Howard Frankland Bridge.

On Friday, he said he still wasn't even thinking of taking a vacation ("not right away") after exiting Mortgage Investors.

"I don't plan on ever retiring," he said. "I wouldn't know what to do with myself."

Edwards, the controlling stockholder of Mortgage Investors, said the deal includes stock in HomeBancorp but declined to elaborate on the finances.

He said his mortgage firm and the Tampa bank have developed a strong working relationship over the past five years.

Jerry Campbell, CEO of HomeBancorp, said bringing Mortgage Investors into the fold will not only expand VA lending opportunities for veterans nationwide, but also "enhance the capital position, strength and profitability of both organizations."

Over the past 18 years, Mortgage Investors has provided more than $40 billion in VA-guaranteed loans to more than 350,000 veterans.

HomeBanc operates eight branches and five loan production offices in Central Florida. Last month, it announced plans to acquire eight Pinellas County branches owned by First Bank of St. Louis. The deal is expected to be completed in the second quarter of 2013.

Jeff Harrington can be reached at jharrington@tampabay.com or (727) 893-8242.

Tampa's HomeBancorp buys Bill Edwards' Mortgage Investors Corp. 01/25/13 [Last modified: Friday, January 25, 2013 10:56pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Last steel beam marks construction milestone for Tom and Mary James' museum

    Growth

    ST. PETERSBURG — Tom and Mary James on Wednesday signed their names to the last steel beam framing the 105-ton stone mesa that will be built at the entrance of the museum that bears their name: the James Museum of Western and Wildlife Art.

    The topping-out ceremony of the James Museum of Western & Wildlife Art was held Wednesday morning in downtown St. Petersburg. Mary James (from left), husband Tom and Mayor Rick Kriseman signed the final beam before it was put into place. When finished, the $55 million museum at 100 Central Ave. will hold up to 500 pieces of the couple's 3,000-piece art collection. [Courtesy of James Museum of Western & Wildlife Art]
  2. Heights Public Market to host two Tampa Bay food trucks

    Business

    TAMPA — The Heights Public Market announced the first two food trucks for its "rotating stall," which will feature new restaurants every four months. Surf and Turf and Empamamas will be rolled out first.

    Heights Public Market is opening this summer inside the Tampa Armature Works building.
[SKIP O'ROURKE   |   Times file photo]

  3. Author Randy Wayne White could open St. Pete's biggest restaurant on the pier

    Food & Dining

    ST. PETERSBURG — The story begins with Yucatan shrimp.

    St. Petersburg Deputy Mayor Kanika Tomalin, pilot Mark Futch, Boca Grande, St. Petersburg Mayor Rick Kriseman, and author and businessman Randy Wayne White,  Sanibel, exit a Maule Super Rocket seaplane after taking a fight around Tampa Bay off the St. Petersburg waterfront, 6/28/17.  White and his business partners are in negotiations with the City of St. Petersburg to build a fourth Doc Ford's Rum Bar & Grille on the approach to the St. Petersburg Pier with a second event space on the pier according to White. The group met near Spa Beach after a ground breaking ceremony for the new pier. "We want to have our business open by the time the pier opens," said White. Other Dr. Ford restaurants are located on Sanibel, Captiva and Ft. Myers Beach. SCOTT KEELER   |   Times
  4. Guilty plea for WellCare Health Plans former counsel Thaddeus Bereday

    Business

    Former WellCare Health Plans general counsel Thaddeus M.S. Bereday pleaded guilty to one count of making a false statement to the Florida Medicaid program, and faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set, acting U.S. Attorney W. Stephen Muldrow of the Middle District …

    WellCare Health Plans former general counsel Thaddeus M.S. Bereday, pleaded guilty to one count of making a false statement to the Florida Medicaid program, and faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set, acting U.S. Attorney W. Stephen Muldrow of the Middle District of Florida stated Wednesday. [LinkedIn handout]
  5. DOT shows alternatives to former Tampa Bay Express toll lanes

    Transportation

    TAMPA — State transportation officials are evaluating at least a half-dozen alternatives to the controversial Tampa Bay interstate plan that they will workshop with the community over the next 18 months.

    Florida Department of Transportation consultant Brad Flom explains potential alternatives to adding toll lanes to Interstate 275 during a meeting Wednesday at the DOT’s Tampa office. Flom presented seven diagrams, all of which swapped toll lanes for transit, such as light rail or express bus, in the I-275 corridor from downtown Tampa to Bearss Avenue.