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Luminate Bank acquires assets from First State Mortgage Services

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August 28, 2026

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Luminate Bank has acquired assets from First State Mortgage Services, including members of its team. With this acquisition, the bank plans to expand its services across the Midwest, according to a press release.

"The mortgage process represents a unique opportunity to support clients through some of the most meaningful and stressful financial transactions of their lives," Rene Shaffer, CEO and president of First State Mortgage, said in the release. "Our value alignment with the team at Luminate Bank was immediately clear, and I'm proud to join this team alongside many of my longtime colleagues."

Customers will have access to services such as construction lending, reverse mortgage and banking solutions.

"This is an important step forward for Luminate Bank and a powerful combination of two organizations that share the same fundamental values," Eric Lovins, co-founder and president of Mortgage Lending at Luminate Bank, said in the release. "From our earliest conversations, it was clear that Rene Shaffer and her team were an exceptional fit. We share a passion for caring for customers well beyond the mortgage transaction. This is also a full-circle moment for me, having grown up in this area, and I look forward to working with Rene and her colleagues to make an even greater impact here."

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