Charlie and Carolyn Frame of CFA Northwest Mortgage Professionals can’t seem to resist the urge — the urge to merge.
   Last month, the popular Bainbridge Island couple, added the offices of Puget Sound Mortgage and Escrow (PSME) to their growing mortgage, real estate and investment portfolios.
   That deal came on the heals of two others: the acquisition, of Bainbridge Asset Management Corp. with partners Kinam Sohn, Eric Fredricks, and Walt Hannawacker, an island-based property management firm, and the purchase of the 911 Building on Hildebrand Avenue on Bainbridge.
   “We’re the only company now (in West Puget Sound) that acts as its own underwriters, funding department, escrow service and property management firm,” said Carolyn Frame. “We also operate a real estate company for investors.”
   The PSME deal practically fell into the laps of the Frames and CFA Northwest Mortgage Professionals partner Walt Hannawacker. It’s been no secret in local industry circles that PSME, which has offices in Port Townsend, Poulsbo and Bainbridge, had been struggling to stay afloat.
   

CFA Officers, L-R Walt Hannawacker, Charlie Frame, Carolyn Frame

The two parties began serious merger talks one day in October when Carolyn Frame’s phone rang. After a few negotiating hiccups, which dragged the transaction out for several weeks, a deal was finally struck. “They came to us,” noted Charlie Frame. “It was very friendly. It made sense for our own volume.”
   CFA picked up 10 employees in the private transaction, plus the PSME name, three offices, and an existing customer base. Terms of the deal were not disclosed. CFA took over all of PSME’s escrow operations and its escrow and mortgage operations in Poulsbo.
   The new entity will retain the PSME name, but eventually will be changed to CFA Mortgage and Escrow. Similarly, the Frames converted the BAM Corp. name to CFA Properties Inc.
   “This is the perfect blend of the stability, dedication, and loyalty that both offices have enjoyed over the years,” added Carolyn Frame, who has known and respected PSME’s principals Judy From and Diane Culp, for many years.
   PSME was founded by Rene Stockman in 1969 with a one-person shop on Bainbridge. Stockman, who passed away last April after a long battle with cancer, retired in 1985 and was replaced by From, who co-operated the business with Culp. Culp, who joined the firm in 1974, retired last year and, at around the same time, From contracted cancer.
   “It’s been our pleasures to help many people in Kitsap County obtain financing and close real estate transactions,” she said. “I have a lot of fond memories of the real estate agents and clients that we have worked with for so many years and I’m grateful for the opportunity I had to help so many people.”
   From said Carolyn Frame and CFA appear to be the perfect match to continue her company’s mission. “It’s reassuring to know that we can pass the baton to someone who has been a respected member of the community for a long time,” she said. “I am feeling very positive about all of this as I have great respect for Carolyn.”
   CFA’s meteoric rise is the stuff of local legend. Carolyn Frame started the firm that bears her name 13 years ago as an upstart mortgage lender, after years working as a human resources manager for the former Security Pacific Bank. Today, CFA Northwest Mortgage Professionals has 89 employees in offices in Bainbridge, Poulsbo, Port Townsend, Silverdale, Seattle, Lakewood (near Tacoma), and San Jose, Calif. Next month, the company is planning to expand to markets in Kirkland, Sandpoint, Idaho, and Beaverton, OR.
   The company is also creating wealth for its employees and customers through monthly workshops and seminars, emphasizing its “cash-flow philosophy,” which draws inspiration from well-known real estate investment gurus and motivational speakers such as Tony Robbins, Robert Allen, Robert Kiyosaki, author of “Rich Dad, Poor Dad” and T. Harv Ekert.
   Carolyn Frame is also very dedicated in helping people get out of debt. “We show (employees and potential investors) how to make investment properties work,” Carolyn Frame explained. “We do all of this ultimately to help others create wealth and to realize their dreams … The more of this we do, the healthier our community will be.”
   Over the years, the Frames have unabashedly contributed to an array of island and Kitsap County causes, from the Bainbridge Island Boys and Girls Club and Habitat for Humanity to the Bainbridge Island Rotary Auction, island youth sports and many other causes.
   Carolyn and Charlie serve on many boards including HHHS, Bainbridge island School Trust, and work with Money Wise Women Forum teaching seminars. Two years ago, they were named the Bainbridge Island Chamber’s Business Couple of the Year for their business success and community involvement, and Carolyn was named Kitsap County Business Leader of the Year.
   “We like to be involved in our communities and help people create wealth and independence,” Carolyn Frame said, echoing an emerging company philosophy.

(Editor’s Note: Kevin Dwyer is a Bainbridge Island free-lance writer)