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LEGG MASON SUBSIDIARY ACQUIRES B.F. SAUL COMMERCIAL MORTGAGE DIVISION

LEGG MASON SUBSIDIARY ACQUIRES B.F. SAUL COMMERCIAL MORTGAGE DIVISION
 BALTIMORE, June 16 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today that its mortgage banking subsidiary, Latimer & Buck, Inc., has acquired the commercial mortgage banking division of B.F. Saul Company of Chevy Chase, Md. The terms of the agreement were not disclosed.
 The newly acquired unit will continue to be headed by Peter J. Selwood of B.F. Saul, who will become executive vice president of Latimer & Buck. B.F. Saul's commercial mortgage business includes a $1.6 billion servicing portfolio of mortgages on income-producing property held for its institutional clients, primarily insurance companies. The properties are concentrated in Washington, Virginia and Maryland. The division is also active in mortgage loan origination.
 Through several acquisitions, Legg Mason has been developing its mortgage servicing portfolio which, including the B.F. Saul portfolio, now totals $11.3 billion, the largest commercial servicing portfolio in the country.
 In making the announcement, Raymond A. Mason, chairman and chief executive officer of Legg Mason, Inc. said:
 "The addition of B.F. Saul's commercial mortgage division is a good strategic fit for Legg Mason. We are able both to increase our mortgage servicing portfolio and add strong new mortgage banking capabilities in the Virginia and Washington area. Currently, Dorman & Wilson covers markets from Connecticut to Princeton, N.J. Latimer & Buck is active from Princeton through Maryland in addition to its Florida operations."
 Peter J. Selwood, executive vice president, added that he expected his institutional clients would benefit from Legg Mason's substantial resources in the mortgage business.
 The unit will operate as Latimer & Buck/B.F. Saul division during a transition period, after which it will be renamed.
 Legg Mason, Inc., headquartered in Baltimore, is a holding company which, through its subsidiaries, provides securities brokerage, investment advisory, investment banking, and mortgage banking services.
 -0- 6/16/92
 /CONTACT: Geraldine D. Leder of Legg Mason, 410-539-0000, or Gene Veneziale of Latimer & Buck, 215-985-3930, or Peter Selwood of Latimer & Buck/B.F. Saul Division, 301-986-6182, both for Legg Mason/
 (LM) CO: Legg Mason, Inc. ST: Maryland IN: FIN SU: TNM


TS-OS -- NY043 -- 0668 06/16/92 12:15 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
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