September 7, 2004 - Press Release
 
Southport Bank Buys ComCor Mortgage

Southport Bank announced that they have acquired ComCor Mortgage from CIB Marine. Comcor’s President and founder, Chuck Morris, will continue to run the operation which will remain headquartered in Waukesha.

ComCor was started in 1987 and is predominately a wholesale mortgage company with over 150 accounts based mostly in Wisconsin and Illinois. They have originated as much as $500 million in mortgage loans in a calendar year, and have been recognized as a “Future 50” company by the Metropolitan Milwaukee Association of Commerce. CIB Marine, the former parent, has encountered various problems and has made the decision to exit a number of businesses, including the mortgage business. 

Southport Bank’s President and CEO, Karl J. Ostby, indicated “We are fortunate that we have known and worked closely with ComCor’s staff for several years. They share our values in customer focus, and quality people are the critical difference in making a company great. They bring tremendous mortgage capabilities and product lines. They will help diversify and grow our income. They add a great core of talent to our family”. 

Southport Bank started in 1997 and currently has four branch banks in Kenosha County. It is the largest financial institution based in Kenosha County with over $300 million in assets.

Contact
Karl J. Ostby
262-942-4321