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Central Pacific Mortgage acquires Ivanhoe
FOLSOM March 1, 2006 12:41pm 
• Will expands East Coast footprint • Ivanhoe will remain based in Florida Central Pacific Mortgage of Folsom says it’s buying the retail branch offices, the wholesale production platform and the current operations center from Ivanhoe Financial Inc. of Orlando, Fla.
Financial details were not revealed.
The company will operate as Ivanhoe Mortgage, effective March 1, and maintain the current offices in Orlando.
"In the past, Central Pacific Mortgage's primary focus has been on the West Coast. Ivanhoe has a great footprint on the East Coast and will allow us to increase our presence there," says John Courson, president and CEO of Central Pacific Mortgage, in written comments. "To that end, we have decided to keep the Ivanhoe name because it is well known and highly respected in that part of the country."
The acquisition will substantially increase Central Pacific Mortgage's presence in the East and Southeast. Ivanhoe currently has 19 retail branch offices and the wholesale production platform has account executives operating in Florida, Georgia, North Carolina, South Carolina, Virginia, Maryland, District of Columbia, New Jersey and Pennsylvania. It will also increase Central Pacific Mortgage's current business by 50 percent, the Folsom company says.
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