Farris Mortgage Co., started in 1993, has joined with Guaranty Bank and is now operating under the name Guaranty Bank Mortgage Center.
Brad Farris, owner, has joined Guaranty as a residential lender, and his office at 1350 E. Bradford Parkway will be used as a loan production office, the first Guaranty standalone office of this type in Springfield. Guaranty has two other loan production offices in West Plains and Marshfield and provides loans among its other services at several of its Guaranty Bank branches, said Mark McFatridge, executive vice president and chief operating officer.
McFatridge said the move was not an acquisition, as no money was exchanged.
"I think Brad saw that working for a bank is going to provide him the ability to do things as well as he has in the past and maybe even expand his opportunities to grow," McFatridge said.
Farris said that with changing legislation, it has become increasingly difficult for mortgage companies to turn a profit.
"Unless you're a community bank, a mortgage company now with new regulations just can't be as competitive," he said.
Farris said he has been looking for a bank for his company to be a part of for some time and decided on Guaranty based on its area presence.
"The bank is almost 98 years old," he said. "I figured that was pretty stable."
Farris said the Farris Mortgage sign at his office was taken down yesterday and replaced with Guaranty signage.
"It's bittersweet," he said. "But I also look at the oppprotunies that I have with Guaranty, and I'm excited about that."
McFatridge said Guaranty will benefit from the addition of Farris and his team, comprised of residential lender Christina Campbell Winters, who has worked for Farris Mortgage for 12 years, and loan coordinators Rhonda Austin and Deanna Wilson, with a combined 30 years of residential lending experience.
"I think we get the opportunity to capitalize on Brad's longstanding history in the community," McFatridge said. "We get to add three other employees that have been in the business for a long time.
"It's a great partnership for us."
Farris also has hosted a one-hour radio talk show on
KWTO AM - on channel AM 560 - since 1997, which airs on Tuesdays at 2 p.m.
The name of the program has changed from The Farris Mortgage Hour to The Guaranty Bank Mortgage Hour with Brad Farris. Farris said the change will now allow him to talk more about the services a community bank can offer on home mortgages.
"We feel it will be a nice marketing avenue for us," McFatridge said. "Adding the Guaranty Bank name with Brad's name will continue to expand our presence in southwest Missouri."[[In-content Ad]]
