Utah County financial merger: CCBank acquires Security Home Mortgage

Provo-based Capital Community Bank (CCBank) has acquired residential mortgage lender Security Home Mortgage, headquartered in Orem. Founded in 1999, Security Home Mortgage will become an independently operated subsidiary division of CCBank.

“Today, we bring together two established Utah companies to better serve our clients in the financial services space,” said Matt Field, CCBank’s president and chief financial officer. “CCBank and Security Home Mortgage are well-established Utah companies, and this partnership enables us to strengthen our market position to continue delivering industry-leading financial products, services and home mortgages to our friends, families and neighbors who entrust us with their financial well-being.”

“Looking ahead, we are excited about the opportunities this acquisition presents. We are dedicated to leveraging the combined strengths of CCBank and SHM to innovate and enhance our product and service offerings, ensuring we remain at the forefront of the banking and mortgage industries to meet the diverse needs of our customers, partners and personnel,” said Jon Chamberlain, president of Security Home Mortgage.

“CCBank and SHM are committed to a seamless transition of the business combination, ensuring that existing customers continue receiving exceptional service without interruption,” a joint press release said. “As a result of this business combination, SHM customers will gain access to CCBank’s comprehensive array of commercial and personal lending and deposit products.”

“This acquisition will be seamless for all involved, and we expect no impact on SHM’s customers or personnel. We will maintain the excellent infrastructure SHM has in place and welcome all SHM personnel to the CCBank family with Jon Chamberlain and Charlie Green continuing their leadership of SHM, with Chamberlain continuing his role as president of SHM,” said Field.

Founded in 1993, CCBank has branch offices in Salem, Provo, Orem, Pleasant Grove, Sandy and St. George. The bank ended 2023 with approximately $871 million of total assets and $127 million of equity capital.

Ogden-based ENVE Composites, a cycling equipment manufacturer best known for its carbon wheels, has been sold to PV3 Investments, a Utah-based private investment firm. The acquisition marks the end of nearly a decade of ownership of ENVE by Helsinki, Finland-based Amer Sports. Terms of the transaction were not disclosed.

PV3 Investments is led by principal Mark Hancock, a cycling enthusiast and co-founder of healthcare services company PACS Group, which raised $450 million in an April IPO. In a press release, Hancock expressed confidence in the brand’s current management and strategic direction.

“As a Utah native and cyclist, I believe in ENVE and have confidence in the direction the management team is taking the company. We are dedicated to maintaining ENVE’s heritage as a local manufacturer and leader in composites technology while continuing the legacy and providing the necessary support for continued growth,” Hancock said.

Founded in 2007, ENVE is a U.S. cycling brand with all-American manufacturing of wheels, components and bicycles. Amer Sports bought the brand in 2013 for a reported $50 million.

“ENVE is uniquely positioned in the market, and we see PV3 as an excellent opportunity to take the company to the next level with a like-minded buyer who has confidence in our mission,” said ENVE’s CEO, Mike Stimola. “We are thankful to Amer Sports for its support over the past eight years that has enabled us to grow as a parts supplier to some of the world’s leading cyclists.”

ENVE operates from its 80,000-square-foot headquarters in Ogden, which includes its engineering, R&D, manufacturing, sales, marketing, customer service and finance teams, all of which will be maintained under the new ownership, according to the release announcing the sale.

Salt Lake City investment banking firm Crewe Capital advised PV3 Investments on the acquisition.