Hilltop Holdings Adds Directors, Acquires Lendkey Mortgage Business
Ticker: HTH · Form: 8-K · Filed: May 3, 2024 · CIK: 1265131
| Field | Detail |
|---|---|
| Company | Hilltop Holdings INC. (HTH) |
| Form Type | 8-K |
| Filed Date | May 3, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $2,694,120, $29,809, $2,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, acquisition, mortgage-industry
TL;DR
Hilltop Holdings adds 2 directors and PrimeLending buys Lendkey's mortgage biz. Expect Q3 close.
AI Summary
Hilltop Holdings Inc. announced on May 1, 2024, the election of two new directors, Gerald B. Smith Jr. and Dr. Elizabeth L. Vale, to its Board of Directors. Additionally, the company reported that its wholly-owned subsidiary, PrimeLending, has entered into a definitive agreement to acquire the mortgage origination business of Lendkey Technologies, Inc. The acquisition is expected to close in the third quarter of 2024.
Why It Matters
The addition of new directors and the strategic acquisition of Lendkey's mortgage business by PrimeLending indicate potential growth and strategic shifts for Hilltop Holdings.
Risk Assessment
Risk Level: medium — The acquisition of a business unit introduces integration risks and potential financial liabilities, while board changes can signal strategic shifts that may or may not be successful.
Key Players & Entities
- Hilltop Holdings Inc. (company) — Registrant
- Gerald B. Smith Jr. (person) — Newly elected director
- Dr. Elizabeth L. Vale (person) — Newly elected director
- PrimeLending (company) — Wholly-owned subsidiary of Hilltop Holdings
- Lendkey Technologies, Inc. (company) — Target of acquisition
- May 1, 2024 (date) — Date of report and earliest event
- Third quarter of 2024 (date) — Expected closing of acquisition
FAQ
Who are the newly elected directors to Hilltop Holdings' Board?
Gerald B. Smith Jr. and Dr. Elizabeth L. Vale were elected as new directors.
Which subsidiary of Hilltop Holdings is involved in the acquisition?
PrimeLending, a wholly-owned subsidiary of Hilltop Holdings, is acquiring the mortgage origination business.
What business is PrimeLending acquiring?
PrimeLending is acquiring the mortgage origination business of Lendkey Technologies, Inc.
When is the acquisition expected to close?
The acquisition is expected to close in the third quarter of 2024.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is May 1, 2024.
Filing Stats: 842 words · 3 min read · ~3 pages · Grade level 11.7 · Accepted 2024-05-03 17:01:05
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share HTH New York Stock Exchan
- $2,694,120 — to and including the Retirement Date; $2,694,120 that constitutes the Prior Agreement Pa
- $29,809 — nsCapital Corporation by the Company; $29,809 for COBRA assistance; $2,000,000 on o
- $2,000,000 — pany; $29,809 for COBRA assistance; $2,000,000 on or before January 15, 2025, but not
Filing Documents
- tm2413426d1_8k.htm (8-K) — 34KB
- tm2413426d1_ex10-1.htm (EX-10.1) — 64KB
- 0001104659-24-057049.txt ( ) — 286KB
- hth-20240501.xsd (EX-101.SCH) — 3KB
- hth-20240501_lab.xml (EX-101.LAB) — 33KB
- hth-20240501_pre.xml (EX-101.PRE) — 22KB
- tm2413426d1_8k_htm.xml (XML) — 3KB
01 Financial Statements
Item 9.01 Financial Statements and Exhibits. (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Shell company transactions. Not applicable. (d) Exhibits. -2 - The following exhibit is filed or furnished, depending on the relative item requiring such exhibit, in accordance with the provisions of Item 601 of Regulation S-K and Instruction B.2 to this form. Exhibit Number Description of Exhibit 10.1 Transition and Release Agreement by and between Hilltop Holdings Inc. and Jerry L. Schaffner, dated as of May 1, 2024. 104 Cover Page Interactive File (formatted as Inline XBRL).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Hilltop Holdings Inc., a Maryland corporation Date:May 3, 2024 By: /s/ COREY PRESTIDGE Name: Corey G. Prestidge Title: Executive Vice President, General Counsel & Secretary -3 -