Lightyear Capital today announced that it has completed its previously announced acquisition of DeepGreen Bank’s home equity lending platform and operations from Cleveland-based Third Federal Savings and Loan Association MHC.
The U.S. Office of Thrift Supervision has approved the transaction.
Under terms of the agreement, Lightyear has acquired the lending business, technology, infrastructure and management team that run DeepGreen’s home equity loan origination and servicing business. DeepGreen’s lending platform, which will remain in Cleveland, has been renamed DeepGreen Financial.
As part of the transaction, DeepGreen’s deposits moved to Third Federal, the company said. Other financial terms of the transaction were not announced.
New York, N.Y.-based Lightyear Capital is a private equity investment firm.
Cleveland, Ohio-based DeepGreen Bank originates loans online in 47 states through direct-to-consumer channels, affinity relationships and mortgage brokers.
Third Federal Savings and Loan Association MHC is a provider of savings and mortgage products.
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