Chaska's Klein financial buying Home Town Mortgage company

Northwestern Financial Review, Feb 19, 2000

Chaska-based Klein Financial Inc. is buying Home Town Mortgage Inc.

The acquisition of Home Town Mortgage of Chaska will provide Klein Financial with opportunities for greater growth through expansion into markets that are not currently served by its banking affiliates. Additionally, Home Town Mortgage sees great opportunity for its future growth through this new partnership.

"Home Town Mortgage fits in especially well with our organization under the recently-passed financial modernization act," said Daniel G. Klein, chairman and president. "Helping people to finance their homes falls within our vision of inspiring people to make their financial dreams come true."

Craig Goetz, who will continue as Home Town Mortgage's president, said his organization looks forward to the stability and solid financial service foundation that Klein Financial provides. Home Town Mortgage's primary business is the origination, processing and closing of singlefamily residential real estate loans.

"By combining the resources of Klein Financial and Home Town Mortgage, we are well on our way to becoming the preferred provider of all financial services and products within the markets we serve," said Goetz. "Our organization's directives mirror many of the business values that Klein Financial holds."

Founded in 1995, Home Town Mortgage has grown from a 400square-foot office with four employees to an organization with 11 offices and a soon-to-be 100-member staff. In 1999, the company originated more than $300 million in mortgage loans.

Little will change at Home Town Mortgage where the name, executive management and other employees will remain- Executive management includes vice presidents Del Peterson, Mike Kielty, and Steve Seiffert.

Klein Financial's path in financial services started in 1907 when brothers Charles H. Klein and Christian P Klein, then brickyard owners, purchased controlling shares of First National Bank of Chaska. From 1911 to 1993, the Klein family continued its acquisitions of community banks in the southern and western sections of Minnesota. In addition to First National Bank of Chaska, Klein Financial banks include: Victoria State Bank; First National Bank of Waconia; State Bank of Young America; First National Bank in Montevideo; Klein National Bank of Madison; Oakley National Bank of Buffalo, and State Bank of Chanhassen. Home Town Mortgage has Minnesota offices in Burnsville, Chaska, Forest Lake, Lakeville, Maple Grove, Northfield, St. Cloud, St. Paul and Wayzata. Its one out-of-state branch is in Fargo, N.D.