Approval has been granted by the Federal Reserve Board of Governors for a St. Louis mortgage banking organization to acquire a local bank.

Paramount Mortgage Co. says it was founded in 1970. Today it does business in six states. It is reportedly approved by the Department of Housing and Urban Development, Fannie Mae and Freddie Mac.

On the NMLS system, the St. Louis-based organization is registered as Paramount Bond & Mortgage Co. Inc. and also operates as PMC Mortgage and PMC Mortgage Co.

Source: Mortgage Daily