Bluebonnet Buys RNG Mortgage to Expand in the West

RNG Mortgage Service, one of Orange County’s 10 largest mortgage bankers, said Thursday that it has been bought by Dallas’ Bluebonnet Savings Bank.

The price was not disclosed, but RNG said the deal was valued at several million dollars.

RNG said Bluebonnet, which has has $3 billion in assets, wants to expand still further in the West by opening offices in Northern California, Utah and Denver.

“If anything, we’re hiring,” said Ron Norick, president and chief executive of RNG. “We can make bigger loans and more kinds of loans.

“And we’ll have less expensive money, and more of it.”

RNG has seven offices in Southern California, with 100 employees.

Norick will remain head of the company, which makes and then sells mortgages.

Formed in 1988 as a real estate asset manager for the federal government, Bluebonnet branched out into financial services. RNG is the third mortgage business Bluebonnet has purchased.