Aaxa Mortgage gets second life

A Wilmington-based mortgage company will remain open, thanks to the help of a West Coast bank. AAXA Mortgage was forced to close its doors last week after an agreement with another bank went bad.

As of Friday, AAXA’s 60 Wilmington employees were without jobs. Now things are looking considerably better. AAXA CEO Greg Gianoplus managed to salvage his company over the weekend.

The company will now become a branch of Great Western Federal Savings Bank. AAXA’s employees will work directly for Great Western. The mortgage company had a previous deal with an Illinois bank that fell through and forced Gianoplus to close his doors, but he says when one door closes, another one opens.

“I am delighted,” Gianoplus said. “I am excited. I’m still mourning and grieving the death of our former company when I didn’t see any light at the end of the tunnel on Friday. On Monday, we are working on a transition plan. Banks do not move quickly. This is literally a miracle.”

Gianoplus will serve as manager for the Wilmington branch of Great Western Federal Savings Bank.