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Celebrity Financial to buy Midwest Equity Mortgage

U.S. Virgin Islands-based Celebrity Financial Inc. signed a definitive agreement to acquire Illinois-based Midwest Equity Mortgage LLC.

Under the deal, Celebrity Financial Chairman and CEO David Robnett will join Midwest Equity Mortgage as CEO. Dave Hansen and Pete Gabrione, partners and co-founders of the mortgage lender, will retain their positions. The three will also take equity positions in the financial services holding company.

The acquisition is subject to regulatory approval and is expected to close in the third quarter.

Celebrity Financial intends to make more investments and acquisitions in sectors such as traditional banking, financial technology software, insurance and capital markets in the next 12 to 24 months, according to a release.